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Public Statements

Small Business Jobs Tax Relief Act of 2010

By:
Date:
Location: Washington, DC

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Mr. PASCRELL. Mr. Speaker, I rise in strong support of H.R. 5486.

That is exactly correct. We should stop looking away. Let's focus on what the subject really is.

The gentleman just left the floor, but in the final months of the last administration, on average, we had a loss of 725,000 jobs. This is the first increase that we have had in the private sector in over 2 years. So you are the party of ``no.'' There are no two ways about it. Ever since we hit 750,000 in January of 2009, we have had an improvement every month, and now we are finally in the plus area. It took us 8 years to get into the mess. It is going to take us more than a year and a half to get out of it.

This legislation is incredibly important because it will help this country's small businesses, both new and already existing, by making the Tax Code work for them. After years of misguided tax policies from the previous administration, which only helped extraordinarily wealthy individuals, the Ways and Means Committee is focusing its efforts on the real engine of the American economy: one-third tax cuts in the stimulus, one-third investment in the infrastructure, one-third investment in informational technology, energy jobs, and tax credits.

That record is unparalleled. The tax cuts of this year and last year are the largest in the history of this country for any 2-year period because we help the middle class. That is what our party is all about.

According to the Small Business Administration, small businesses have generated 64 percent of the new jobs over the past 15 years, and they must be at the forefront of the economic recovery today.

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Mr. PASCRELL. How dare someone come before this body and talk about their alternative to the health bill. Their alternative to our health bill would have started the dismantling of Medicare. Read the language of their alternative.

While our economy is growing stronger, unemployment is still too high, which is why we are directing aid to our small businesses. The bill assists already established small businesses by building on the Recovery Act's exclusion of 75 percent of business capital gains to now temporarily exclude 100 percent of capital gains from qualifying stocks, thereby encouraging investment in small businesses, which create jobs but which are encountering problems with restricted access to credit. The bill also helps people who want to start new businesses by quadrupling deductions and by increasing the cap for start-up expenses.

This legislation is imperative in recovery. I ask that we all vote for it.

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