Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, co-sponsored legislation that would boost small businesses by extending the 2001 and 2003 tax cuts that are set to expire at the end of this year 2010. The tax cuts would be extended for another two years or until the economy recovers from the worst recession since the Great Depression of the 1930's.
The 2001 and 2003 tax cuts lowered rates on ordinary income, dividends and capital gains. These taxes are all important to the true backbone of the American economy: our small businesses. Because the vast majority of small business owners pay their taxes at the individual level, allowing the current tax rates to remain in place will directly extend the benefit to their businesses. Extending these tax cuts will also give small businesses some financial security as they make critical decisions about their businesses.
Said Ros-Lehtinen, "I urge my colleagues to support this bill and extend these tax cuts in order to provide additional stability for individuals and small businesses as they continue to strengthen and grow our economy. Allowing these tax rates to expire during this recession runs the risk of curtailing economic expansion just when it begins to pick up and could lead to a double dip recession that would mean even more hardship for the American people."