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Before President Obama's second inauguration, small business owners want to tell the president to simplify the tax code. In new research, CEOs and executives from startups around the country say that Obama should make overhauling the country's tax system the top priority in his second term.
In addition to improving and simplifying tax codes for businesses, executives also want the president to focus on building a strong talent pool that will lead businesses in coming years. In the poll of 600 CEOs and executives from startups, business leaders also felt that President Obama should ease regulation, promote investment and champion innovation.
And business owners say they want the president to minimize the federal government's involvement in the business climate. Lastly, executives say that they would like the president and Congress to work together more closely in his second term.
"Startup companies are looking for simplicity and relevant talent above all," said Greg Becker, CEO of Silicon Valley Bank, which conducted the research. "They said things like, 'Cut the red tape,' 'Simplify the tax code' and 'Improve U.S. science and math education to best-in-world outcomes.' Our clients, high-growth innovation companies, create jobs and outperform the broader economy. We should be doing everything we can as a country to make it easy for them to grow."
Despite the label, small businesses have a big effect on the economy. Researchers say that small business owners create close to 11 percent of private sector employment in the United States and close to 21 percent of the GDP, equaling close to 12 million jobs and $3 trillion in annual revenue.