Regulations are essential tools for ensuring that markets meet the needs of all stakeholders, not just investors. Regulations are needed to create the conditions under which society as a whole can prosper, so that healthy consumer demand can exist to support a growing economy. Good regulations tend to stimulate innovation and entrepreneurship in addition to limiting or preventing destructive forms of economic activity.
Small businesses can find it difficult to navigate and comply with federal regulations, resulting in unnecessary frustration and even fines. Sen. Jeanne Shaheen (D-NH) and Rep. Andy Kim (D-NJ) have proposed the Small Business Regulatory Relief Act, which would provide more authority and direction to the SBA Office of the National Ombudsman (ONO) for providing regulatory compliance assistance. The ONO offers small businesses an advocate for their complaints against federal agencies, but it has been underutilized due to lack of funding, authority and visibility.
Oregon’s legislature needs to update the rules for how corporations that do business in Oregon report their profit. Current rules prevent the state from monitoring profit earned in Oregon but moved offshore to avoid taxes.
Moreover, when corporations dodge the taxes they should pay, small businesses and other taxpayers must pick up the tab. A 2016 USPIRG study estimates that the average Oregon small business paid nearly $700 more in taxes in 2015, due to corporate tax avoidance.
All of us rely on open, unencumbered connectivity as a key engine of our business productivity, innovation and growth. We are sure Congress agrees that we should not disrupt and damage the backbone of America’s economy in this way.