Small Business Is America's Economic Engine
Mr. BROUN of Georgia. Mr. Speaker, the economic engine that pulls along the economic train of prosperity in America is being derailed. America's entrepreneurs, America's small business men and women are this country's economic engine. They are the backbone of our economy. They create most of the new jobs here in America.
Mr. Speaker, they have waited long enough for the so-called stimulus to kick in. In fact, they have been waiting far too long. Mr. Speaker, where are the jobs? It's time for us to scrap this failed policy. It's time for Congress to stop wasting taxpayer time and money. It's time to give a real jolt to the economy and stop taking so much through high taxes and more debt.
Mr. Speaker, I introduced H.R. 4100, the JOBS Act, to do just that. My bill, the Jumpstarting Our Business Sector, or JOBS Act, is a commonsense and simple approach. It provides a 2-year moratorium on capital gains and dividends taxes, two taxes which directly inhibit or derail a business' ability to reinvest their revenue into creating now jobs. It reduces the two lowest tax brackets by 5 percent. It cuts the payroll tax rate and the self-employment tax rate in half for 2 years. Additionally, it reduces the corporate tax rate by 10 percent for 2 years.
In fact, the United States already has the second highest corporate tax rate in the world. It's incredible that our economy has prospered for this long under such an extraordinary tax burden.
At this time of great economic turmoil, it's only logical to curtail this massive tax and allow our business sector to propel us back onto a stable economic footing.
Finally, just as important, my JOBS Act recoups any and all unspent stimulus dollars, putting them to work instead of towards waste.
Now is the time for a new way forward. For 11 months, the so-called stimulus has been tried and tested. Unfortunately, it has failed. But there is no reason to keep going down the same track and throwing taxpayers' money down a rat hole towards a failed plan. And there is certainly no reason to keep sending money into Georgia's imaginary congressional districts, double zero, 27, 86, or any others that the government has identified.
The American people demand something better than more government and more debt. They deserve more, something better than more unemployment insurance and COBRA extensions. We need to stop handing them dead fish and, instead, hand them a fishing pole.
Mr. Speaker, I've introduced H.R. 4100, the JOBS Act, to answer their call. And I urge my colleagues to lend their support by cosponsoring this important legislation and keeping that economic engine of small business on the right track to economic prosperity.