WASHINGTON - Today Rep. Brat (R-Va.) gaveled in his first hearing as Chairman of the Economic Growth, Tax, and Capital Access Subcommittee in the 115th Congress. The Subcommittee received testimony from small business leaders and academic researchers on overall economic conditions, the strength of the job market, and challenges small businesses face.
As the only member of Congress with a PhD in Economics, Rep. Brat issued the following statement:
"In the last eight years, the economy grew at an anemic 1.5 percent. This is half the rate of the historical average," said Rep. Brat. "During this period, health care costs rapidly increased. Small businesses spent $1.89 trillion a year to comply with a tangle of regulations, and small businesses faced an effective tax rate of over 47 percent.
“It is clear there are three primary areas of concern for small business owners: regulatory compliance, the cost of health insurance, and the burdensome tax code. I am optimistic that my subcommittee will tackle these issues and identify solutions to help struggling small businesses and families. Congress and the Trump administration have already begun to roll back the costly, duplicative and burdensome regulatory regime put in place by unelected Washington bureaucrats.
"Together with my colleagues, we will work to tackle rising healthcare costs and the cumbersome tax code. One thing is clear, when small businesses succeed, our country succeeds.”