The American Way of Life (Part 13 of 28)

Part 13: of a 28-part series

But things began to change. Today, the American economy boasts a wide variety of enterprises. With prosperity came the ability to raise capital for small business, ranging from one person (sole proprietorships) to some of the world’s largest corporations. In 1995 there were 16.4 million non-farm sole proprietorships, 1.6 million partnerships, and 4.5 million corporations in the United States – a total of 22.5 independent enterprises. Many visiting from abroad are surprised to learn that even today, the American economy is by no means dominated by giant corporations. That’s a fallacious thought. It’s a fallacy.

When you’re taxing business, you’re taxing those that hire the most workers in the Union, in the country. And in order to keep their overheads low, they have to minimize and cut down their costs, especially employers. It’s just natural. It’s just economics. Fully 99% of all economic enterprises in the country employ fewer than 500 people. These small enterprises account for 52% of all U.S. workers, according to the U.S. Small Business Administration.

To be continued…