By Lea Márquez Peterson
Special to the Arizona Daily Star –
As the president of the Tucson Hispanic Chamber of Commerce, I’ve seen firsthand that our current tax code places a stifling burden on local employers, disproportionately harming the Hispanic community, the fastest growing business segment in the nation.
According to the U.S. Census Bureau, startup activity has slumped in the 2000s — even after the Great Recession was over. In spite of this difficult economic environment, the Hispanic community has managed to start new businesses at an impressive rate, 50 times faster than any other demographic group in the United States, according to this study from the Georgetown Public Policy review.
This is not a new trend. The five-year average growth rate in the number of Hispanic-owned businesses has remained at double or triple that of the national average for the past 15 years, according to the Stanford Latino Entrepreneurship Initiative.
But small businesses cannot compete globally when they are taxed as high as 44.6 percent. They face compliance costs that tear their time and their resources away from what they want to do: their job.
America’s job creators now spend an estimated 2.8 billion hours each year filing business income tax returns.
The result? Uncertainty. Click for Full Article