Issue Position: Growing Our Economy and Creating Jobs

Issue Position

In my most recent leadership role in the private sector, I was responsible for 16,000 employees across 100 countries. I've managed health and retirement plans and healthcare policy for a major U.S. business.

As a business leader, I know that Congress has lost sight of the fundamentals of growing the economy. Though things are improving, too many families have not yet felt the full effects of the recovery from the 2008 recession. As a nation, we must do more to create jobs in America.

Above all, we should reward entrepreneurship by making it easier for people to start and grow small businesses. For newly established businesses, navigating complex tax paperwork and regulations is extremely difficult. Research shows that firms with fewer than 20 employees pay more than $1,200 per employee to comply with tax paperwork and recordkeeping.

We can do more to help grow the economy by allowing small businesses to simplify their methods of accounting. We should also increase tax deductions for business start-up expenditures and organizational costs. And while we're at it, let's increase tax deductions for healthcare costs for self-employed individuals. All of these measures will make it easier for America's innovators to start and grow their small businesses while continuing to grow our economy.

Congress also must invest in infrastructure revitalization, research and development, and manufacturing--all fields that provide meaningful career opportunities while improving our nation for years to come. We also need to be sure that our workers have the right skills for these high-paying, high-growth technical jobs by investing in workforce development initiatives. When schools work with local employers to link training and education to the needs of the regional economy, students, workers, and the middle class win.

Last year, Minnesota exports totaled $20 billion. It's critical we put in place policies that help businesses send their goods to markets abroad. Lifting the Cuban embargo is one commonsense opportunity for growth. In Minnesota alone, we exported about $20 million in agricultural products to Cuba in 2013. The Minnesota Department of Agriculture has estimated that exports to Cuba would nearly double if the embargo were lifted, putting total agricultural exports at between $40-50 million per year. In Congress, I'll support Minnesota businesses and farmers by pushing my colleagues in the House to lift the Cuban trade embargo.

Finally, we need to get serious about tax reform and start looking at new solutions. The U.S. has the third highest corporate tax rate in the world, leaving billions of dollars in foreign earnings and capital overseas. Allowing companies to repatriate foreign profits to the U.S. at a lower rate would provide a critical spark to the economy so long as that money is dedicated to smart investments like research and development and infrastructure growth.

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