Mr. PAULSEN. Mr. Speaker, last week I held a small business roundtable discussion in my district. I heard from a dozen small business owners about the various challenges they are facing when it comes to growing jobs and investing in their business. During that discussion, one clear theme emerged, small businesses need help.
Unfortunately, the recently passed budget pours salt in the wound by raising taxes by over $1 trillion, largely on the backs of small business. Rather than tax them, I believe that we should encourage them to reinvest in their business and create more jobs.
That's why I am introducing legislation that will allow small businesses to defer any income tax on any money that is reinvested in their business. This will provide additional incentives and resources for small businesses to grow and maintain their companies during these difficult economic times.
Small businesses have created two out of every three jobs in the United States since the 1970s. Let's help them do it again.