Unfair regulations not only hurt small businesses, but also consumers and the economy. Small business accounts for 99.7 percent of the nation's employers, employing 53 percent of the private work force, contributing 47 percent of all sales in the country, and responsible for 50 percent of the private gross domestic product. In addition, it precludes these taxpayers from using the installment method of accounting when selling their business. This is a perfect example of an agency bypassing its statutory and regulatory authority under the guise of issuing guidance. At the hearing, witnesses were asked to testify how the Administration's regulatory reform policies had affected their businesses.
Small business is the engine our nation's economy and the heart of our communities.
We need to ensure that any regulatory reform policy actually improves the operation of small businesses without increasing burdens in other areas.