Let’s Help Small Businesses Grow Again
I believe that as soon as we get small businesses moving in the right direction, we will get our economy moving in the right direction. It's simple math. If 70% of jobs are created by small businesses, then in order to encourage job growth, we have to encourage small businesses to start up and grow.
Tax issues are the single most significant set of regulatory burdens for most small firms. A recent NFIB Research Foundation study found that four of the top ten small business problems were tax related. Right now, cash-strapped small businesses are overloaded by tax burdens that are sapping a third, or more, of their income.
That's why I was proud to join my colleagues in introducing the Small Business Tax Cut Act. It gives small businesses with less than 500 employees, a 20% tax cut that will go straight to their bottom line. With our 20% tax cut, we are making it easier for small businessmen and women to run their businesses, invest capital, grow and create more jobs.
This bill gets Washington out of the business of picking winners and losers, and counters the President's notion that certain groups should or should not be allowed to succeed. Instead, it allows small businesses the resources and incentives they need to grow.
We all want tax reform that brings down rates, broadens the base and closes the loopholes. But right now, we shouldn't pass up the opportunity to take a significant step to help small businesses.
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Sincerely,
