A group of legislators and entrepreneurs have urged President Obama to place emphasis on bringing even more highly skilled, foreigners to the country, as immigration reform calls grow louder and louder ahead of the President’s Tuesday night State of the Union speech.
Three senators combined to write and send a letter last week to President Obama urging him to speak of the unique hurdles that today’s entrepreneurs are facing during his State of the Union speech, which will be his fifth. Among the hurdles, said the senators, none is larger than present day immigration laws that stop highly educated immigrants from opening companies and thus creating more jobs for people in the U.S.
The senators – Mark Warner from Virginia, Jerry Moran from Kansas and Delaware’s Christopher Coons write that last year’s State of the Union speech called for Congress to approve legislation to help small businesses to succeed and help start new start-ups. Congress answered that request, said the senators, by passing the Jumpstart Business Startup Act, but more must be down.
The three senators have renewed the idea they spoke with Senator Marco Rubio about back in May of 2012 referred to as the Startup Act 2.0. Wednesday morning the three are planning to reintroduce the new legislation formally.
The tax code currently on the books would be modified by the new legislation to help encourage more investment in new and recently opened business, help streamline the process for universities and colleges to commercialize new technology or research, and create new classes of visas for entrepreneurs. If the legislation is passed, 75,000 visas would be available immediately for entrepreneurs who are foreign born, that hire employees from the U.S. and can raise a minimum of $100,000.