Democratic Senate Challenger (MD); previously U.S. Representative
Encourage female and minority-owned proprietorships
As a member of the historic 100th Congress, I served on the Small Business Committee and I was a part of a great deal of legislation in favor of small businesses concerns, including:
The Urban Marshall Plan, which provided tax credits for long-term investments in small businesses started by minorities.
The Bartlett-Mfume Health Insurance
Deduction Act, which provided for the restoration of tax deductions for health insurance costs of self-employed individuals.
The Home Office Deduction Act, which provided clarification of the deductibility of expenses incurred by a taxpayer in
connection with the business use of the home.
The Women's Business Ownership Act, which established programs and initiated efforts to assist the development of small business concerns owned and controlled by women.
Source: Campaign website, www.MfumeForSenate.com, "Issues"
Mar 10, 2006
Small businesses need advocates
I understand the importance of ensuring that entrepreneurs and small business owners have a fair chance to compete with larger firms in the marketplace. Unfortunately, Congress voted to cut the 2006 SBA budget by $643 million, reducing it to
less than half of the $1.1 billion it received in 2001 . The SBA is a much needed and very effective advocate for small businesses. Such severe cuts hinder our efforts.
When most people think of "business" in the US, they imagine large, multinational corporations. But, most businesses in the U.S. are actually small businesses -- those with 500 or fewer employees.
We need to support small businesses, especially those engaged in the sciences and technologies, which produce innovative products and services necessary for us to compete in the knowledge-based global economy of today.
Source: Campaign website, www.MfumeForSenate.com, "Issues"
Mar 10, 2006
