Terri Sewell: “Thank you so much for allowing me to be a part of the Make It in America Special Order hour. I want to acknowledge the…”

“Thank you so much for allowing me to be a part of the Make It in America Special Order hour. I want to acknowledge the importance of small businesses in making it in America. Small businesses play a critical role in our economy. They provide jobs, they spur innovation, and they strengthen our economy. Small businesses are responsible for generating half of our Nation's gross national product and for employing half of its workforce. That is why I have introduced the Small Business Start-Up Savings Account Act. More folks would benefit if they were provided incentives to allow them to save money to start up a business. On average, an entrepreneur who wants to launch a new business spends $80,000 in first-year start-up costs. Entrepreneurs often go into large amounts of debt to start their businesses. They may even try to save money ahead of time in order to start these businesses. Many even use their savings from their retirement accounts to build the capital they need to run their businesses. This bill would allow entrepreneurs to save money tax free so that they could start their small businesses. Similar to the retirement accounts, this bill would allow entrepreneurs to save up to $10,000 per year and to grow that amount tax free. Once people start their small businesses, funds from their savings accounts can be used for operating expenses. In his State of the Union address, President Obama charged America once again to spark its creativity and imagination.…”