The Small Business Survival Council (SBSC) has named its list of the year's Top Ten positive developments for small businesses in the United States. The SBSC makes the case that during 2003 small businesses in the U.S. experienced the following positive events:
1. Tax Cuts. The SBSC notes that 91% of small businesses pay personal tax rates rather than corporate ones, due to the type of business structure they have. Therefore, 2003's cuts in personal tax rates provided direct relief for the nation's millions of small businesses.
2. Faster Economic Growth. This came as a result of the tax cuts, which spur profits and business opportunities.
3. Job Creation on the Rise. The SBSC points out that when self-employed business owners are fully counted, the number of Americans employed reached an all-time high in November, at 138.6 Million. Jobless recovery? Not according to the SBSC (a view that is shared by several other prominent commentators including writers for Economy.com and the Wall Street Journal).
4. Health Savings Accounts (HSAs). Changes in Health Savings Account rules passed as part of the Medicare bill make HSAs more available for small business owners and employees. HSAs are one way to alleviate the health insurance crisis that some companies are facing due to rising premiums.
5. Free Trade Accords. Free international trade expands opportunities for small, dynamic U.S. businesses. The SBSC points out that 97% of exporters are small businesses.
6. Repeal of Steel Tariffs. President Bush eliminated steel tariffs that had raised costs for small and medium-sized U.S. companies that use steel, and had destroyed tens of thousands of jobs. (In an effort to protect one industry — steel — many manufacturing businesses had been hurt due to higher cost of materials.)
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