www.mozilla.com Weather Central
Voices
Headlines

The defining issue of economic recovery -7/27/2014, 4:53 PM

In a world of sectarian violence, what can be done? -7/27/2014, 4:53 PM

Funding DHDC -7/27/2014, 1:18 PM

Endorsement for Shultz -7/25/2014, 3:28 PM

Against the wind -7/25/2014, 4:23 PM

Do blacks need favors? -7/25/2014, 4:23 PM

Vote Huelskamp out -7/25/2014, 4:23 PM

Open meetings -7/24/2014, 8:07 AM

Leadership change needed -7/24/2014, 8:07 AM

Vote for Huelskamp -7/24/2014, 8:06 AM

Protecting unborn children -7/24/2014, 8:06 AM

Learning experience valuable -7/24/2014, 8:06 AM

False equivalence -7/23/2014, 8:07 AM

Measles' scary comeback -7/23/2014, 1:27 PM

The 'big data' deal -7/23/2014, 10:07 AM

GOP can't get out of its own way -7/23/2014, 10:07 AM

War only will add to Middle East problems -7/22/2014, 8:10 AM

Avoiding taxes -7/22/2014, 8:10 AM

Take the win in Iran -7/21/2014, 8:57 AM

The high court's high-handedness -7/21/2014, 8:57 AM

Up in arms in the Capitol -7/20/2014, 4:52 PM

Firefighters weigh in on pay raise -7/20/2014, 4:52 PM

Backpacks for Kids -7/20/2014, 4:52 PM

Our unwillingness to defend ourselves -7/18/2014, 10:51 AM

Remembering a man who championed freedom -7/18/2014, 10:51 AM

GOP split -7/17/2014, 8:38 AM

New Kansas senator -7/17/2014, 8:37 AM

Who'll build the roads? -7/17/2014, 8:37 AM

Reagan: In or out? -7/16/2014, 2:45 PM

'Unbroken' WWII vet more than a hero -7/16/2014, 2:44 PM

Savor the fruits of your labor -7/16/2014, 2:44 PM

Erasing candidate's standards -7/15/2014, 11:36 AM

Returning to Trail Wood -7/15/2014, 10:13 AM

Leaving some in 'suspense' -7/15/2014, 10:13 AM

Strangers in a remarkable land -7/14/2014, 9:11 AM

Courageous or spineless? Our actions decide -7/14/2014, 9:11 AM

Ambition: An unlikely gift to Kansas voters -7/13/2014, 11:16 AM

Beyond the outrage -7/13/2014, 11:16 AM

Water watch -7/13/2014, 11:16 AM

Scenic outlooks -7/11/2014, 9:18 AM

China's research trumps teaching -7/11/2014, 9:17 AM

Important slow news -7/10/2014, 9:42 AM

We've got a promise to keep -7/10/2014, 9:33 AM

The white combine calls -7/9/2014, 10:02 AM

Vote for family values -7/9/2014, 10:02 AM

Politicians making a mockery of my faith -7/9/2014, 10:02 AM

Missing tribute -7/9/2014, 10:02 AM

Rural students deserve 21st Century education -7/8/2014, 9:10 AM

The education table dance -7/8/2014, 9:10 AM

A new virus -7/8/2014, 9:10 AM

Government as God -7/7/2014, 9:38 AM

EPA affecting others -7/7/2014, 9:38 AM

'Narrow' decision from the narrow-minded -7/7/2014, 9:38 AM

The tax trap -7/6/2014, 4:35 PM

Rulings produce 'First Amendment fireworks' -7/6/2014, 4:35 PM

Firefighter salaries -7/6/2014, 4:35 PM

Economic freedom -7/4/2014, 11:54 AM

Protecting our independence -7/4/2014, 11:54 AM

Dan Johnson, 1936-2014 -7/3/2014, 7:12 AM

New Iraq offensive backfires -7/3/2014, 7:11 AM

Setting things straight -7/3/2014, 7:11 AM

'Crapitalism' -7/3/2014, 7:11 AM

Feeding peace throughout the world -7/2/2014, 9:01 AM

Half way is still only half way -7/2/2014, 9:01 AM

Sherow a better choice -7/2/2014, 9:01 AM

Fireworks, part II -7/2/2014, 9:01 AM

Reality show made in Topeka -7/1/2014, 8:53 AM

The justices and their cellphones -7/1/2014, 8:53 AM

LOB defeated -7/1/2014, 8:53 AM

Tragedy explored in 'Broken Heart Land' -6/30/2014, 9:14 AM

Mexico City: The adventure continues -6/30/2014, 9:14 AM

Even our youngest Americans are citizens -6/29/2014, 12:58 PM

Ban on fireworks -6/29/2014, 12:58 PM

It's time to teach active citizenship -6/29/2014, 12:57 PM

The education establishment's success -6/27/2014, 10:39 AM

Piecework professors -6/27/2014, 10:39 AM

Marriage for all -6/27/2014, 10:39 AM

Prairie chicken madness -6/26/2014, 4:17 PM

Omission control -6/26/2014, 10:12 AM

Equal in the eyes of the law -6/26/2014, 10:12 AM

Help wanted -6/26/2014, 10:12 AM

The old red barn -6/25/2014, 9:19 AM

Beware the unimaginable -6/25/2014, 9:19 AM

Early critic of school testing was right -6/24/2014, 8:53 AM

Finding something 'different' in Topeka -6/24/2014, 8:53 AM

Shopping small -6/24/2014, 8:53 AM

Into the classroom -6/23/2014, 8:55 AM

Wow! And thanks to you -6/23/2014, 8:55 AM

Fireworks double-standard -6/23/2014, 8:55 AM

Glass half full -6/22/2014, 5:57 PM

Brownback's experiment wallops taxpayers -6/22/2014, 5:56 PM

Examining the importance of 'where' we speak -6/22/2014, 5:56 PM

Slavery reparations -6/20/2014, 8:33 AM

'Help me plagiarize' -6/20/2014, 8:33 AM

Thank a farmer -6/20/2014, 8:33 AM

Here comes tomorrow -6/19/2014, 8:43 AM

Why Americans dislike soccer -6/19/2014, 8:43 AM

Switching to teaching -6/18/2014, 4:32 PM

Clinic closing good -6/17/2014, 9:59 AM

Other avenues -6/17/2014, 9:59 AM

myTown Calendar

SPOTLIGHT
[var top_story_head]

Proving Washington critics wrong

Published on -5/23/2012, 8:57 AM

Printer-friendly version
E-Mail This Story

By U.S. Sens. JERRY MORAN, MARK WARNER, MARCO RUBIO and CHRIS COONS

Inside the Beltway, conventional wisdom says that Congress does little during an election year. But Americans are eager to see Congress address our country's challenges -- most important, the economy and job creation.

We introduced bipartisan legislation, Startup Act 2.0, on Tuesday to help jump-start the economy through the creation and growth of new businesses. We want to prove the critics wrong: Congress can get something done in an election year when we work together to strengthen the economy and create jobs.

Companies less than five years old have created nearly all net new U.S. jobs for almost three decades, according to Kauffman Foundation research, averaging roughly 3 million each year. Passing the JOBS Act in March was good news for the young companies now creating jobs. But entrepreneurs face additional challenges beyond access to capital. Startup Act 2.0 picks up where the JOBS Act left off -- by helping entrepreneurs to succeed.

Vital to any new business are the talented individuals who turn ideas into reality -- including foreign-born entrepreneurs. More than a quarter of technology and engineering companies created in the U.S. between 1995 and 2005 had at least one key founder who was foreign-born, according to researchers at Duke and at the University of California, Berkeley. Yet current immigration policies have hurt U.S. efforts to compete in the global contest for entrepreneurial talent.

Startup Act 2.0 creates an Entrepreneur's Visa for legal immigrants, so they can remain in the U.S., where their talent and ideas can fuel growth and create American jobs. It also creates a new STEM visa so that U.S.-educated foreign students who graduate with a master's or a doctorate in science, technology, engineering or mathematics can receive a green card and stay in this country, launch businesses and create jobs.

Our plan also eliminates the per-country caps for employment-based immigrant visas -- which hinder U.S. employers from recruiting the top-tier talent they need to succeed. U.S. future economic competitiveness depends on our winning the global battle for talent.

Another significant challenge facing startups is gaining access to enough capital to get off the ground. So our plan provides incentives to encourage investment in startup companies.

Startup Act 2.0 will make permanent the exemption of capital gains taxes on the sale of certain small-business stock held for at least five years -- so investors can provide financial stability at a critical juncture of firm growth. Our plan also creates a targeted research and development tax credit for young startups less than five years old and with less than $5 million in annual receipts. This research and development credit is designed to allow startups to offset employee taxes -- freeing up resources to help these young companies expand and create jobs.

Startup Act 2.0 also seeks to move taxpayer-funded university research more quickly to the marketplace, where it can propel economic growth. U.S. universities have historically been responsible for groundbreaking discoveries -- spawning new industries and creating countless jobs.

But not every institution is fully equipped to successfully mentor entrepreneurial researchers as they create new companies or work with industry to find innovative uses for the fruits of university-based research. Our proposal will use existing federal research-and-development funding to support university initiatives designed to bring cutting-edge research to the marketplace more quickly.

Another obstacle facing new businesses is the expense and time required to comply with government regulations. Firms with fewer than 20 employees spend 36 percent more per employee to comply with federal regulations than larger firms, according to the Small Business Administration. Our bill requires all government agencies to conduct a cost-benefit analysis of all proposed "major rules" with an economic impact of $100 million or more. This new requirement will help determine the efficacy of the rule and its potential impact on the formation and growth of new businesses.

Finally, Startup Act 2.0 will direct the Commerce Department to assess state and local policies that aid in the development of new businesses. Through the publication of reports on new business formation and the entrepreneurial environment, lawmakers will be better equipped to encourage entrepreneurship with the most successful policies.

In the past 16 months, six countries have implemented new policies to encourage more entrepreneurship, innovation and job creation within their borders. The U.S. cannot afford to turn a blind eye to our competitors or use the coming elections as an excuse to delay action on an issue so critical to our economic future.

Many of these bipartisan ideas are supported by President Barack Obama's Council on Jobs and Competitiveness. We look forward to working with the president and our colleagues to prove that conventional wisdom about Washington won't hold true this year.

Sen. Jerry Moran, R-Kan., is on the Appropriations Committee and Small Business and Entrepreneurship Committee. Sen. Mark Warner, D-Va., is on the Budget Committee and Commerce Committee. Sen. Marco Rubio,R-Fla., is on the Small Business and Entrepreneurship Committee. Sen. Chris Coons,D-Del., is on the Budget Committee.

digg delicious facebook stumbleupon google Newsvine
More News and Photos

Associated Press Videos