Entrepreneurship matters. It fosters discovery, innovation and job creation. It leads to more productive production processes that improve productivity and real wages. Entrepreneurs develop new and less expensive products that improve consumer well-being. They make markets more efficient. New...

This testimony analyzes the importance of entrepreneurship, evidence that entrepreneurship is in decline, how the tax system is an impediments to entrepreneurship, sources of complexity in the tax code, incremental reforms to improve the current tax system and the likely impact of major tax reform

Capital formation improves economic growth, boosts productivity, and increases real wages. So does entrepreneurship — which also fosters discovery and innovation. Entrepreneurs engage in the creative destruction of existing technologies, economic institutions, and business production or...