Small business is an integral part of Minnesota’s economic foundation. Representing 98 percent of all employers in Minnesota, small employers serve as the backbone of communities across the state. Last year, roughly one-fifth of Minnesota’s private sector workforce was on the payroll of an employer with fewer than 20 employees. Between 2004 and 2005, almost 80 percent of the state’s net new jobs were created by small business. Small business is vital to our economic vitality. We must encourage entrepreneurship by allowing smaller businesses to thrive and compete.
Small businesses have suffered the greatest casualties in the recent economic downturn. The surest way to jumpstart our economy and combat Minnesota’s soaring unemployment is to provide a business climate that fosters small business success. As governor, I will lead an agenda that will create a more business-friendly Minnesota.
Eliminating the corporate income tax will enable business owners to put money that would otherwise be added to the state’s coffers back into their businesses to expand, innovate, and put Minnesota back to work. Similarly, reducing taxation on personal income will realize needed tax relief for all Minnesotans. This will especially benefit the many small employers who report their business income as personal income. Tax incentives should be offered for entrepreneurs who create jobs and drive Minnesota’s economy.
Updating our tax code to make Minnesota the most attractive business region will bring new employers, new revenue, and new jobs to be filled by the great citizens of our state.
Onerous regulations that frustrate employers and destroy jobs must be dismantled to allow growth. Steep increases in the minimum wage have done more harm than good. No matter how well-intentioned the increases have been, they have destroyed jobs – that is reality.
We must put our state back on the path to prosperity. What’s good for small business is good for Minnesota.