Blaine's Bulletin: How Tax Reform Affects Women Owned Businesses

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Washington, March 9, 2018 | comments

This month we celebrate women’s history month, another great reason to honor the women in our communities and in our lives. Women from across America have played an integral part in the legacy of our great nation and continue to make history each and every day. In the Missouri congressional delegation, I am joined by two great female colleagues. Congresswoman Vicky Hartzler is only the second woman ever elected to represent Missouri in the United States House of Representatives and is a staunch advocate for our state, pro-life policies, and our military. Congresswoman Ann Wagner joins me as a member of the House Financial Services Committee, where she serves as Chairwoman of the Subcommittee on Oversight and Investigations.

Throughout Missouri and the country there has been a lot of talk about the recent passage of comprehensive tax reform. In November, I held a number of women-owned small business roundtables where many business owners from the third district sat down with me to discuss how tax reform would affect their workers and businesses.  Their enthusiasm for the opportunity to reinvest in their people and their companies was an excellent preview of the pay raises, bonuses, and massive reinvestment we’ve seen on an almost daily basis since the law passed.

Across America, more than 9.4 million businesses are owned by women, employing almost 8 million people. That means that women-owned businesses account for 31% of all privately held businesses and contribute 14% of all American employment. With two daughters and two granddaughters, it’s exciting to see so many women-owned businesses succeeding in our nation.

The women I met with in November described their frustration with the sheer complexity of our tax code. Not only were these business owners burdened by our overwhelming tax code, but many of them lamented the fact that they simply weren’t able to invest in their businesses or in their employees, causing their business growth to halt.  The roundtables were invaluable to me as I worked with my colleagues to pass the best legislation possible, and it was one of the reasons that I was proud to support the Tax Cuts and Jobs Act. In the months since tax reform passed, one particular conversation from the women’s roundtables continues to play in my mind. She told me that if tax reform passed, she would be able to expand her business and hire more employees. This was music to my ears.

As a member of the House Financial Services Committee I focus a great deal of my time on passing legislation meant to unleash economic potential and help our small businesses grow. Thanks to tax reform, we are expecting the creation of nearly 20,000 more jobs in Missouri and an additional $2,000 dollars in the pocket of middle class families across our state. Thanks to tax reform and a growing American economy, I hope to see even more female CEOs, Congresswomen and small business owners continuing to make history and realizing their American dream.

CONTACT US: As always, for those of you with Internet access, I encourage you to visit my official website. For those without access to the Internet, I encourage you to call my offices in Jefferson City (573-635-7232) Washington, Mo. (636-239-2276), or Wentzville (636-327-7055) with your questions and concerns. If you want even greater access to what I am working on, please visit my YouTube site, Facebook page, and keep up-to-date with Twitter and Instagram.                                                                    


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