Business Regulations
Do we want to have an economy that mirrors Texas or New Jersey?
Texas is one of the most business friendly states in the union. Entrepreneurship is the main purpose for their success. I believe Arizona has the potential to compete with Texas by encouraging businesses to establish themselves here. In order to do this, we need to limit state and occupational licensing boards, taxes and other state regulations that discourage entrepreneurship. I firmly believe entrepreneurs solve problems that the government cannot. By removing needless regulation, business owners will have the freedom to fulfill a need where the opportunity exists.
What laws remain or should be passed in the future, I would demand be understandable in plain English, well defined and oriented to a specific purpose (e.g. prevent fraud).
Texas was the leader in 2008 at creating 80% of the new jobs in the United States. This was no accident. Texas does not have an income tax, which attracted diverse businesses to invest in Texas and create more jobs. During the real estate crash, unlike Arizona, Texas was protected due to the plethora of businesses located throughout the state. The most noticeable growth was the education and health care industries. Lower taxes attracts wealthy families who spend their disposable income on the goods and services of local small businesses. If Texas were to have accepted the stimulus package, Texas would have had to increase taxes and expand business obligations to the government. Such actions stifle economical growth.
On the contrary, New Jersey is a fine example of an economy collapsing due to an increase in taxes and regulation. Over $70 billion dollars were lost due to an increase in income, sales and property taxes in the state of New Jersey. When taxes increase, families who have the money to spend leave in hopes of finding a state to protect their assets. Arizona has the opportunity to become that ideal place to protect one’s finances.
Reliance on the government to rescue us from our economic challenges is irresponsible. Government needs to be removed from business affairs in order to allow employers to create jobs. By lowering taxes and regulations, business and families alike will want to live and do business in the state of Arizona.
