Westfield Malls Plan Holiday Charity Event
Whether the economy will recover quickly in the wake of the Sept. 11 terrorist attacks depends on the steps government takes to help out small business.
Darrell McKigney, president of the Washington D.C.-based business advisory group the Small Business Survival Committee, called small businesses and entrepreneurs the “true bellwethers” of the American economy.
In the past decade, small businesses created roughly 75 percent of the new jobs and were a primary engine of economic growth, he said.
McKigney pointed out during the good times of the past decade, nearly half of all small businesses failed within four years. However, that high failure rate ironically reflects business optimism, he said.
“People take greater risks in good times than bad. They have more hope and confidence in pursuing their dreams. They worry less about the chances and consequences of failure,” he said. “They risk more because they hope for more. They fail more because they have the confidence to risk more.”
The catch is that when the economy gets tough, a lot of small businesses don’t even make it to the starting gate. Right now, too many would-be entrepreneurs lack the confidence that they will succeed in the long run, McKigney said.
That’s why Congress must act now to restore the long-term confidence and optimism about the future. McKigney recommended speeding up and making permanent the tax relief measures passed earlier this year, particularly cuts in income taxes and the repeal of the estate tax.
“For most small businesses, income taxes and business taxes are one and the same. In fact, over 90 percent of businesses pay personal income taxes, not the corporate income tax. Cutting taxes immediately increases the profitability of doing business and immediately enhances the prospects for success,” he said.
Another measure would be to cut or eliminate the capital gains tax to inspire investment and growth. Congress should also grant President George W. Bush the trade promotion authority he seeks, since 97 percent of exporters are small businesses, McKigney said.
“Opening and expanding new markets would inspire new ventures, as well as giving the president a stronger hand internationally at this crucial time,” he said.
Finally, Congress should pass the President’s energy plan, which increases domestic energy production and decreases this country’s dependence on foreign oil, McKigney said.
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Wonder-ful Event:
For the fourth year in a row, Westfield Shoppingtown malls in San Diego County will host a charity event for shoppers to help their favorite charity and get a head start on their Christmas shopping as well.
Westfield Works Wonders features discounts, special offers, entertainment, food and more. Profits from the $5 admission goes to charity, said Margaret Stephens, spokeswoman for Westfield Shoppingtowns.
“Shoppers have a blast and it’s a great way to get in the holiday spirit. We are thrilled it has become such a tradition for so many families and groups,” she said.
The event begins at 6 p.m. Nov. 18 at Horton Plaza, Mission Valley, Parkway Plaza, University Towne Center, North County Fair, Plaza Bonita and Plaza Camino Real locations, said Aimee Cebulski, spokeswoman for Westfield.
More than 400 charities are participating, including San Diego Humane Society, Boys and Girls Club, Sounds of Silence, the YMCA and YWCA. To participate, purchase a ticket from a favorite charity, she said.
Shoppers can also buy a ticket at the customer service booth in advance, designating the money for a specific charity on the list. Tickets will be also available the night of the event, Cebulski said.
Since the event began in 1998, Westfield Works Wonders has raised a total of $450,000 for charity. This year, Westfield hopes to raise $250,000, she said.
Send items to lzion@sdbj.com, or call (858) 277-6359, Ext. 112. The deadline for the Nov. 26 issue is Nov. 16.
