Weekly Column: Backing Idaho's Entrepreneurial Spirit

Idaho is home to more than 200,000 small businesses, which make up 99.2 percent of Idaho businesses, according to the U.S. Small Business Administration (SBA).  More than 56 percent of Idaho employees are employed by these economic engines.  I again co-sponsored a resolution the Senate unanimously passed recognizing National Small Business Week and commending the entrepreneurial spirit of small business owners and the great contributions they make to our communities.

Senator Joni Ernst (R-Iowa) introduced S.Res. 201, which fellow U.S. Senator for Idaho Jim Risch also co-sponsored with more than 80 senators, that would designate May 4-May 10, 2025, as National Small Business Week.  The resolution would:

• Recognize the more than 34.5 million small businesses in the U.S. that support more than 59 million jobs;

• Celebrate the integral role small businesses play in building the economy of the U.S.; and

• Applaud the efforts and achievements of the owners of small businesses and their employees in every community in the U.S.

Senator Risch also introduced a resolution I co-sponsored specifically celebrating the accomplishments and vital role of women business owners in the U.S.  In Idaho, SBA data indicates 72,823 small businesses are owned by women.  Nationally, as noted in the resolution, more than 14.5 million women-owned businesses in the U.S. employ more than 12.9 million people and generate $3.3 trillion in annual revenue.

Small businesses not only provide jobs in communities across our state and country, but also back countless important local efforts.  Youth sports teams, local food banks, service organizations and many others turn to small businesses to support efforts that make a difference in the lives of Idaho communities.  

Beyond celebrating small businesses, Senate Republicans are working to back these drivers of our communities with certainty by promoting strong pro-growth tax and regulatory policy.  As Chairman of the U.S. Senate Finance Committee, I am working to prevent a massive federal tax increase by permanently extending and building on the Trump tax cuts of 2017.  

These tax cuts strengthened investment, boosted economic growth and increased take-home pay, including by offering a small business tax deduction to company owners.  Unless Congress acts before the end of the year, many of these reforms will expire, and Americans will be hit with a more-than $4 trillion tax hike, which will disproportionally hit Idaho’s small business owners and residents making less than $400,000 per year. 

The SBA notes, “Idaho small businesses employment grew by 46.8 percent between 1997 and 2021, which exceeded the national small businesses employment growth rate.”  We cannot allow a massive, automatic tax increase to threaten our small businesses and workers.  I will continue to work to deliver the permanent tax relief necessary to provide Idaho’s businesses with the certainty they need to make long-term investments and drive growth.  

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