Top Ten for Small Business in 2003

The Small Business Survival Council (SBSC) has named its list of the year's Top Ten positive developments for small businesses in the United States. The SBSC makes the case that during 2003 small businesses in the U.S. experienced:



1. Tax Cuts. The SBSC notes that 91% of small businesses pay personal tax rates rather than corporate ones, due to the type of business structure they have. Therefore, 2003's cuts in personal tax rates provided direct relief for the nation's millions of small businesses.



2. Faster Economic Growth. This came as a result of the tax cuts, which spur profits and business opportunities.



3. Job Creation on the Rise. The SBSC points out that when self-employed business owners are fully counted, the number of Americans employed reached an all-time high in November, at 138.6 Million. Jobless recovery? Not according to the SBSC (a view that is shared by several other prominent commentators including writers for Economy.com and the Wall Street Journal, as we have noted before in previous posts).



4. Health Savings Accounts (HSAs). Changes in Health Savings Account rules passed as part of the Medicare bill make HSAs more available for small business owners and employees.



5. Free Trade Accords. Free international trade expands opportunities for small, dynamic U.S. businesses. The SBSC points out that 97% of exporters are small businesses.



6. Repeal of Steel Tariffs. President Bush eliminated steel tariffs that had raised costs for small and medium-sized U.S. companies that use steel, and had destroyed tens of thousands of jobs.



7. Robust Stock Market. The stock market has had a good year in 2003, translating into good news for the pensions and portfolios of small business owners and employees.



8. Low Interest Rates. Prime rate for businesses fell to 4% in July, the lowest since 1959.



9. Defeating Costly, Misguided Climate Measures. Several environmental/climatic measures were defeated. The SBSC points out that the climate science behind the measures was dubious, energy costs would skyrocket and economic growth would slow.



10. Winning the War. The toppling of Hussein in Iraq and the capture of terrorists has provided greater security for businesses.



Read the full text of the Top Ten list here.



The Small Business Survival Council is a conservative lobbying group working on behalf of small business. Its views may not be those that everyone agrees with. Nonetheless, the SBSC is one of the more visible and influential of the small business advocacy groups. And it's clear this group believes 2003 was a good year for small business legislative and economic policy in the U.S.