It’s no secret that women have long faced obstacles in the business world.
Yet women are doing more with less as female entrepreneurship continues to skyrocket across the country.
Women are starting about 1,800 new U.S. businesses per day and the overall number of women-owned businesses has surged 3,000 percent since 1972.
Helping female entrepreneurs succeed means helping our economy succeed. Republicans have led the way.
Before the Tax Cuts and Jobs Act, a woman owning her own small business was taxed at rates as high as 44.6 percent, forcing her to spending thousands of dollars complying with a complicated tax code.
Now, thanks to a simpler code, lower taxes and a doubled standard deduction, a single woman whose business makes $60,000 will only pay $3,760 in federal taxes, instead of $5,642, so she’ll have more time and money for her growing business.
That’s not all.
Before 1988, women needed a male co-signer to apply for bank loans, crippling access to capital for would-be female entrepreneurs.
This is no longer the case thanks to the Women’s Business Ownership Act of 1988, however, access to capital continues to be a significant problem for women – one made worse by Dodd-Frank.
Dodd-Frank’s burdensome regulations resulted in the loss of one community bank per day. These losses are a major setback for would-be business owners, but more so for female entrepreneurs who already start their businesses with half as much capital as men ($75,000 vs. $135,000). Further limiting access to capital only adds to the many barriers women already face when starting a business.
When Congress passed – and the President signed – the Economic Growth, Regulatory Relief, and Consumer Protection Act into law to roll back the most harmful parts of Dodd-Frank, it was a win for every female entrepreneur across the country.
Getting government out of the way, cutting red tape and letting these leaders focus on expanding their businesses are critical to our country’s economy. I will continue to support legislation that makes it easier for all Americans to achieve their American dream.