Congressman Kurt Schrader today signed on as cosponsor of the Small Business Formation and Job Creation Act (HR 1552). This bill would cut taxes for entrepreneurs who start small businesses. HR 1552 increases the new business start-up deduction from $5,000 to $20,000 in the hopes of freeing up additional capital for job creation and investments.
"As a small business owner I understand how difficult it can be to start a small business," said Schrader. "Small businesses are the driving force of job creation in this country. They make up 98% of the companies in Oregon and are critical to the recovery of our economy. If this bill makes it a little easier for small business owners to create jobs for Oregon families, we will have made some real progress to turn this economy around."
The legislation has earned the endorsement of the National Federation of Independent Business (NFIB). "It's encouraging to know that members of Congress like Kurt Schrader, a small-business owner himself, realize how costly starting a small business can be for entrepreneurs," said Brad Close, NFIB vice president, federal public policy. "Funding and cash flow are often one of the main roadblocks in starting a new business. By passing H.R. 1552, Congress would help ease the financial burden facing many new small business owners during their expensive first years in business."
Since coming to Washington D.C., Congressman Schrader has made it a priority to work for the economic vitality of small businesses. Schrader was picked to chair the Finance and Tax Subcommittee of the House Small Business Committee, a rare honor for a first-term member. He has also partnered with Republican Representative John McHugh of New York to introduce HR 1509, the Home Office Deduction Simplification Act. HR 1509 is designed to reduce the complexity of the tax code and would provide millions of Americans with the ability to take a standard deduction for home office expenses without utilizing the current, more complex formula. Congressman Schrader is committed to continuing to work with members from both sides of the aisle to help encourage small business growth and turn our economy around.