High tax rates discourage job-creating investments. For example, reducing capital gains taxes encourages entrepreneurs because the capital-gain payoff from a successful start-up is improved relative to a wage job
Reducing the amount of regulations a business has reduces the amount of resources spent on being compliant. Exempting small businesses from federal regulations will allow for greater growth in their respective communities.
Encourage the development of new industries in the area. Industries, like hemp, are growing in a rapid pace and provide millions of revenue for the economy.