News

NASE Attends Obama Discussion On Small Business And Economy

Running a Business "Impressive In Any Year - But It's Especially Impressive This Year," President Say

Washington, D.C., May 22, 2009 -- President Barack Obama recently met with the National Association for the Self-Employed (NASE) and the National Small Business Award winners to discuss how the Administration's economic recovery efforts will benefit entrepreneurs. President Obama implemented initiatives earlier this year to make small business lending more attractive to financial institutions that have tightened their belt on credit and loans since the financial crisis.

Earlier this year, the Administration gave a shot in the arm to financial institutions and borrowers by raising guarantees on SBA loans to 90 percent and eliminating various borrower and lender fees. The President's budget proposal reduces the capital gains tax for investments in small or startup businesses and offers additional small business tax cuts.

"The place where you set up shop often isn't just your business address, but it's also your hometown, and sometimes it's your home. And I know what you do to give back -- sponsoring sports leagues and service projects, serving on boards, donating to charities, mentoring other small business owners to help them be as successful as you are," the President said. "So with all that you do for this nation, I think our nation's government should be there to support you -- to help you grow and expand and succeed."

The Administration has said that passing health care reform this year remains a top priority, since it would make coverage more affordable for all Americans and, especially, small business. Based on the NASE's 2008 health study, only one in five micro-businesses nationwide are currently providing employer-based coverage to full-time employees. The business owners cite the high cost of obtaining coverage as a major factor in that decision. Read remarks from the White House ceremony here.

"We look forward to assisting the President in his efforts to make doing business less costly for the nation's 22 million self-employed business owners," said Kristie Arslan, executive director of the NASE legislative office. "In particular, the NASE supports attempts to offer more affordable options for health care."

The NASE advocates for a self-employment tax deduction on health insurance premiums, health care tax credits and the expanded eligibility requirements that would allow the self-employed to participate in health reimbursement arrangements (HRAs). These small changes would drastically increase health care options for micro-businesses and the self-employed.

The NASE also continues to promote the development of tax compliance education programs, as well as more straightforward tax regulation in order to make filing tax forms less burdensome. In a March online member poll conducted by the NASE, micro-businesses indicated that simplification of the current tax system, including the minimization of tax forms and creation of easy-to-understand instructions, was a top desire for entrepreneurs.

Visit the Advocacy Web site to learn more about the NASE's legislative priorities.