Small businesses are fountainheads of innovation and new ideas and yet many fail. I propose two ways to encourage people to become self-employed & hire others
I propose that all small businesses, all entrepreneurs receive tax-exempt status in the first five (5) years of operation if they meet three conditions: (1) Their profit does not exceed $1,000,000 per year (2) They agree to pay a portion of the back taxes over the next 5 years of the businesses life (say 10% of the total tax they would have had to pay) (3) They hire at least one person per year
I also propose a grant program where an entrepreneur receives 50% of the amount of money they are able to raise (i.e 500,000 raised, 250,000 given). This is tax free and only has to be paid back if the company fails within the first 5 years