Yesterday, the House Ways & Means Committee approved the Small Business Tax Cut Act, Pledge to America legislation introduced by House Majority Leader Eric Cantor (R-VA) that gives small businesses with fewer than 500 employees a one-year, 20 percent tax cut.
In a statement yesterday, Leader Cantor noted that the legislation “will provide more than 22 million small businesses with a tax cut, allowing them to keep more of their hard earned dollars and grow their businesses.” House Ways & Means Committee Chairman Dave Camp (R-MI) highlighted testimony from some of the many small business owners who say the Small Business Tax Cut Act will help them put more Americans back to work:
“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.’ ...
“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.’”
The Small Business Tax Cut Act is supported by “more than 30 small business groups, franchisers, health care professionals and small-scale manufacturers,” Leader Cantor notes, and is a key plank in the Republican Plan for America’s Job Creators.
The House is expected to consider the Small Business Tax Cut Act before tax day next month, sending the Democratic-led Senate another bill that will immediately help small business owners – the main engine of job creation in America – grow and hire new workers. Senate Democrats are already sitting on nearly 30 other bipartisan, House-passed jobs bills while more than 12 million Americans remain out of work. President Obama should call on Senate Democrats to immediately act on these stalled jobs bills, and offer his support for the Small Business Tax Cut Act.
See what else Republicans have done to fulfill their Pledge to America to create a better environment for small business job creation by “liking” the Pledge to America on Facebook, and learn more about the Plan for America’s Job Creators at jobs.gop.gov.