The regulatory hurdles from federal, state and local governments discourage many potential small business owners. Those who persevere discover, as I did, that bureaucratic regulations can cost many hours and thousands of dollars, in filing fees. These are roadblocks that individuals should not encounter in a free-market system. There are hundreds or tax-code regulations that stifle the creation of new businesses. Newspapers in the black community, for example, have been forced by the death tax to close because the heirs to the publisher could not afford to pay the inheritance tax on the businesses.
Small business is the backbone of America's economic strength.
More needs to be done by Congress to encourage the entrepreneurial spirit and, with it, economic growth. A minimum-wage increase would benefit only a few. Eliminating payroll taxes and easing the regulations forced upon small business would benefit us all.