President Bush's Small Business Agenda

On January 19, the White House released a fact sheet outlining President Bush's agenda for promoting the growth of the U.S. economy while further assisting the nation's small businesses during the remainder of his second term. The following excerpt from the White House fact sheet is the President's small business agenda.

Make Tax Cuts Permanent: To maintain the economy's strength, Congress must make the tax cuts permanent. If Congress does not act, a family of four making $50,000 today would eventually see their Federal income taxes go up nearly 50 percent. Small business owners would also pay more taxes, which means less money to create new jobs and buy new equipment.

Make Health Care More Affordable And Accessible: Congress needs to expand Health Savings Accounts (HSAs), which are helping put patients in charge of their health care decisions. With HSAs, workers and employers can put money into tax-free accounts to be used for out-of-pocket medical expenses. Congress needs to pass Association Health Plans that would allow small businesses to join together and buy insurance at the same discounts that big companies receive. The President has proposed expanding the development of health information technology. Also, Congress needs to pass common-sense medical liability reforms that will allow doctors to focus on patients and control medical costs.

Lessen The Burden Of Junk Lawsuits: Congress passed and the President signed class-action and bankruptcy reform, but more work remains to be done. Congress must also pass asbestos litigation reform that ensures victims are compensated fairly while curbing the overly burdensome cost of lawsuits on American businesses. To help small businesses, the President supports the Lawsuit Abuse Reduction Act, which would penalize frivolous lawsuits.

Make America Less Dependent On Foreign Sources Of Energy: The President signed the energy bill to help America conserve more energy, make cleaner and better use of existing resources, and promote the development of renewable and alternative sources.

Continue Opening Foreign Markets: To ensure economic growth and create new job opportunities for Americans, the Administration will continue to open up new markets for American products and services overseas. The Administration is also working to ensure a level playing field for American products. The President strongly believes that so long as there is a level playing field, the American worker, entrepreneur, and farmer can compete with anybody, any time, any place.