Small Business: Infrastructure

 In the United States, small businesses are the backbone of the U.S. economy. Small businesses employ tens of millions of people thus creating the vast majority of jobs, patents, and U.S. exporters. Day in and day out, American entrepreneurs are involved in innovation and developing the latest technology.  However, none of this is accomplished without the proper support of local and national governments.

Government, at every level, has an obligation to support small business leaders and entrepreneurs by limiting or eliminating regulatory, contracting and capital barriers.[1] All of which oftentimes impede growth.

Genuinely none of us have the desire to pay more taxes than what is required and justified. Particularly when we are constantly reminded of the wasteful government spending. Government agencies which have been and are created out of good intentions, to serve real needs of the people, eventually grow into bloated, inefficient bureaucracies intent on their own survival. As citizens, we must be informed and engaged in order to keep civic leaders accountable on their promises to foster a welcoming atmosphere for small and big business. However, we must also be vigilant of big business that favors, like big government, self-serving legislation, which effectively stifles competition and small business growth.    

On the other hand, conservative values espouse the use of our hard-earned tax dollars for essential services such as national security, national transportation infrastructure, veterans’ health and for the support of those who face real challenges such as the mentally ill and physically disabled.

Consequence of Liberal Fiscal Policy

As of July 07, 2016, the gross debt of the U.S. federal government is an astronomical $13.9 trillion[2], but the national tax revenue as of September 2015 is $3.4 trillion.[3] Leaving our nation with a huge deficit. In 2015, there were 321.4 million people in the United States.[4] That translates to approximately $10,578 of debt per person. However, because of age, health, immigration status, etc., not every person in the U.S. works and pays taxes. As a result, the individual taxpayer’s burden is much greater. The national median income of an individual, in 2015, was $53,482.[5] At that rate, when can, we, the American people expect to eliminate the national debt?

 What so many of our elected politicians, appointed officials and trusted individuals in leadership roles have done is disgraceful. They have made economic slaves of an entire generation and quite possibly future generations who will have to work unnecessarily harder and longer compared to older generations to put our fiscal house back in order. This is why conservative values reject the use of our tax dollars to redistribute income, fund unnecessary or ineffective programs, or foster the crony capitalism that corrupts both politicians and corporations.[6]

Instead, our goal is to create a tax system that is simplified, transparent and inherently fair. It is crucial to create a tax code that the average citizen can understand. A reformed and simpler code will promote coherence, savings and innovation. It will support entrepreneurial enthusiasm. It will fuel the economic growth that arguably is held stagnant by an incomprehensible tax code. Conservatives envision and call for a tax code that lessens the financial burden on families with children and increases U.S. competiveness.

How Hispanics Create Wealth

Conservative values impact the lives of millions of Americans, including those of Hispanic ancestry. According to the Census Bureau, as of July 1, 2013, the Hispanic population of the United States was 53 million – making Hispanics the nation’s largest ethnic minority group.[7] Today, 17.1% of the U.S. population is of Hispanic origin; however, it is expected to grow to 26.5% by 2050.[8]

Out of the millions of Hispanics in the U.S. in 2012, 3.3 million Hispanics were business owners.[9] Of those, 287,501 had one or more employee(s) on their payroll.[10] Overall, Hispanic-owned businesses had 2.3 million people on payroll.[11] At these numbers, Hispanic purchasing and investment power, an already noticeable force, has the potential to grow into an enormous economic force in the United States. Additionally, because Hispanics tend to have higher life expectancies at age 65 than the majority of the population,[12] the period of years of their economic power as both a workforce and consumer base is greater.

Another important yet troubling fact is that the median earnings of working-age Hispanics who worked full-time, year-round, were significantly less compared to all working-age people.[13] Consequently, Hispanic entrepreneurs have a large stake in the success of the U.S. economy. Hispanic entrepreneurs, their family and friends have much to gain from a vibrant and robust economy fueled by the conservative principles of lower taxes, fiscal responsibility, and business friendly measures.  

The future is inextricably tied to the economic infrastructure created by our business and elected and appointed leaders; hence, Hispanics have to position themselves on the economic stage by choosing men and women that share their values and interests. Only then, can the reality of an economic engine driven by Hispanic entrepreneurship and innovation flourish.
 
The Arizona Latino Republican Association


[1] https://www.gop.com/platform/restoring-the-american-dream/
[2] http://www.treasurydirect.gov/NP/debt/current
[3] https://www.fiscal.treasury.gov/fsreports/rpt/finrep/finrep15/note_finstmts/fr_notes_fin_stmts_note17.htm
[4] https://www.census.gov/quickfacts/table/PST045215/00
[5] https://www.census.gov/quickfacts/table/PST045215/00
[6] https://www.gop.com/platform/restoring-the-american-dream/
[7] http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=SBO_2012_00CSA06&prodType=table
[8] https://www.ssa.gov/people/hispanics/
[9] http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=SBO_2012_00CSA06&prodType=table
[10]http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=SBO_2012_00CSA06&prodType=table
[11] http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=SBO_2012_00CSA06&prodType=table
[12] In 2012, Hispanic men who were age 65 can expect to live to age 85, compared to age 82 for all men. Similarly, Hispanic women who were age 65 in 2012 can expect to live to age 89, compared to age 85 for all women.  https://www.ssa.gov/people/hispanics/
[13] The median earnings of working-age Hispanics who worked full-time, year-round, in 2013, were about $30,000, which were significantly lower compared to $43,000 for all working-age people. https://www.ssa.gov/people/hispanics/

Conservative Values: Improving Economic Strengths of the Latino Citizen