Main menu

Congresswoman Michelle Lujan Grisham

Representing the 1st District of New Mexico

As Nation Observes Small Business Week, Rep. Lujan Grisham Calls for More Help for Entrepreneurs

May 4, 2018
Press Release

As Nation Observes Small Business Week, Rep. Lujan Grisham Calls for More Help for Entrepreneurs

Washington, DC — April 29th to May 5th marks National Small Business Week, when the country pays tribute to small businesses and entrepreneurs that fuel American prosperity. To mark the occasion, Rep. Lujan Grisham released the following statement:

“This week the country pays tribute to the entrepreneurs and small business owners whose profound economic contributions to our neighborhoods and cities spur our nation’s prosperity. In New Mexico, 56 percent of people working are either employed by a small business or are an entrepreneur themselves.

“We must make prudent investments in small businesses to promote growth and create economic opportunity for New Mexicans and reward owners and entrepreneurs with a simpler and fairer tax code that will ease their tax burden so they can invest in creating jobs. Further, by expanding broadband, we will ensure small and rural New Mexican firms can reach new markets and customers. By training workers, we can help small firms meet their workforce needs. And through meaningful infrastructure reform, we can put small companies to work rebuilding our crumbling roads and bridges.

“In rural New Mexico, small businesses are critical employers. The twelve New Mexican counties with the highest small business employment rates are also among the most rural. As the primary drivers of growth in our rural communities, these small businesses owners exemplify our longstanding commitment to free enterprise and belief in entrepreneurship.

“We must build on the entrepreneurial spirit of women who are launching businesses at a faster rate than anyone else. Women-owned businesses make up 39 percent of New Mexico's companies and account for just over 5 percent of the state's business revenues – the seventh-highest in the country. The top 50 women-owned businesses in New Mexico had nearly $350 million in 2016 revenue and 876 full-time employees.”

  • Instead of rewarding entrepreneurs with a simpler and fairer tax code, the GOP tax law eliminates key small business deductions, while favoring deep and permanent tax cuts for larger corporations.
  • According to a poll from Businesses for Responsible Tax Reform, small business owners do not expect the GOP tax law to help them grow their businesses or provide job opportunities. The poll found that due to the law, 7 out of ten small business owners say they will not hire new employees, 6 in ten will not give their employees a raise, and over half say the tax law favors big corporations over small businesses.
  • Moreover, while Republicans have painted the tax law’s pass-through deductions as a break for small firms, 61 percent of the benefit from the tax law’s 20 percent deduction for pass-through income will flow to the top 1 percent of households in 2024.
  • Even Republicans concede that their tax plan is not working as expected.  This week, Senator Marco Rubio (R-FL) explained, “There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers,” Rubio told The Economist. “In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
  • The Trump Administration and Congressional Republicans have sought to cut funding for federal initiatives that benefit entrepreneurs. Small Business Development Centers (SBDCs) make up the largest network of assistance centers for aspiring entrepreneurs and include nearly 1,000 centers across the country. However, President Trump’s Fiscal Year 2019 budget proposed deep cuts to entrepreneurial development programs, including a $15 million cut to Small Business Development Centers (SBDCs).