Sanford expresses optimism for tax and regulatory relief

Sanford expresses optimism for tax and regulatory relief
August 24 17:33 2017 Print This Article

Rep. Mark Sanford hosted a group representing the National Federation of Independent Businesses (NFIB) Thursday at his district office in Mt. Pleasant. He told the group, “Small business is the backbone of job creation in America. Small business owners capture the spirit of our free enterprise system.”

In a roundtable discussion, the business owners touched on some of the issues which are important to them, including fighting the bureaucracies, a labor shortage in the building trades, and difficulty in obtaining loans. Sanford noted that a bill to reform the Dodd-Frank financial regulations was passed by the House but is languishing in the Senate. South Carolina NFIB Executive Director Ben Homeyer suggested that if the House bill becomes law, it would make it easier for small businesses to secure loans.

The group discussed the role of the education system in encouraging students to pursue careers which don’t require four-year college degrees, starting the process in the middle grades. Homeyer mentioned that there is a critical shortage of workers with a commercial driver’s license (CDL), for example, and that students need to know about related job opportunities and career paths.

Sanford expressed optimism in some form of tax relief being passed by this Congress, although not as bold as many Republicans members had sought. He fought against a proposed border adjustment tax (BAT) on consumers, which was subsequently rejected by House Leadership. He anticipates lower tax rates for both corporations and small businesses which file their taxes as individuals.

When asked how small businesses can have a greater voice in Washington, Sanford encouraged the NFIB members to get organized and speak up at public meetings so that more people will understand their challenges. He also offered hope that the federal regulatory burden will be reduced by cabinet officers in the Trump Administration.