As an owner of several small businesses, I know how frustrating it can be to run a business here in Texas. I also know what works in Texas for small businesses. The first item that needs to be reformed is the margin tax that we have now. The margin tax assesses businesses based on their gross incomes not the net, which pyramids tax on top of taxes already paid. This tax hurts lower profit margin businesses.
Texas business are also having a harder time to find qualified, well-educated employees within Texas itself. Part of this is due to our problems with education. Education is one of my top priorities in Texas. I will look for larger business to help guide and fund STEM programs. We will bring our children up to standards that will make them viable employees at all stages of their education. Two-year colleges and four-year universities need to become more affordable and specialized meet keep pace with the new economy in Texas.
Though Texas has no income tax and a fairly loose system of regulations, small businesses are straddled with higher property taxes due to the fact that many large businesses don’t pay their fair share. We will turn the tables and make a fair and even playing field when it comes to better tax deals for small businesses.
Having access to loans is extremely important to a small business to continue to grow. Banks need to look at how Texas survived the last economic bubble and need to loosen their purse strings. I will continue to support and expand the Texas Economic Development Corporation (TXEDC) & the Governor’s Office of Economic Development and Tourism (EDT). These groups offer small business loans and education for Texans and those moving to Texas.
Small businesses are the backbone of the Texas economy, employing far more Texans than larger corporations. The economic impact of small business in Texas has been ignored for too long.