Camp Floor Statement: H.R. 9, “The Small Business Tax Cut Act.”
I rise today in support of H.R. 9, “The Small Business Tax Cut Act.” This legislation will allow small businesses with fewer than 500 employees to take a 20 percent tax deduction.
Small businesses are the engine of job creation. And, while we pursue comprehensive tax reform that will give all businesses certainty to invest and hire, this bill will help small businesses to re-invest, hire new workers, or provide a raise to an employee.
The policies put forth by President Obama and Congressional Democrats have yielded more government spending, but have failed to generate strong economic growth and the jobs Americans need. Instead of lower unemployment, we got a lower credit rating. Instead of massive job creation, we got massive and unprecedented levels of debt. And, instead of higher wages for working families, we got higher gas prices.
This bill provides real relief to American small businesses and the workers they employ. And, it treats every small business equally. Contrary to the political cronyism we’ve seen time and again, this bill doesn’t pick winners and losers. It provides relief to all small businesses, including those in my home state of Michigan.
Michigan has been hit especially hard over the last three years with some of the highest unemployment rates in the nation. And while small business owners in my district need and want comprehensive tax reform, they also agree that we must take steps to spur investment and hiring today, too. These business owners are the real experts who know what they need to add jobs back to our communities.
Take for example, Bob Yackel, President of Merrill Tools. As part of the 400-employee Merrill Technologies Group, Mr. Yackel says, “As a manufacturing business in Mid-Michigan, we know firsthand the ramifications of the recent economic turmoil. The best way Washington can help energize economic growth is by making sure business owners are spending less on tax payments and more on creating jobs.”
Bob Yackel is a larger small business owner, but there are smaller businesses that feel the same way. Jim Holton, owner of Mountain Town Station in Mount Pleasant, has served the central Michigan community as a restaurant owner for more than 15 years. He is especially pleased with the simplicity and ease of this legislative approach. He says, “The beauty of the Small Business Tax Cut Act is its simplicity. If you are earning profits and contributing to the economy, then you can take 20 percent off your tax bill. No hoops to jump through. This is a great way for business owners like myself in the Great Lakes Bay region and across America to help jumpstart our economy.”
Those are just two examples in Michigan’s Fourth District, but they echo small business owners across the country. Throughout our history we have depended upon these industrious and innovative risk-takers to help us move through tough economic times. While we work to provide them the long-term comprehensive tax reform they need, we can also take steps today to unlock new opportunities for them immediately. Passing this bill will provide these much-needed, immediate opportunities.
I urge my colleagues to join me in supporting small business – and to demonstrate that support by voting yes on HR 9.