There is no question that American's young, old, rich, or poor are feeling the strain of the recent economic downturn. Our Country currently faces one of the worst economic climates since the Great Depression. Unemployment rates continue to climb as higher taxes, a deflated dollar, and increased government regulation has resulted in many employers reducing their current workforce.
The current response in Washington has been disheartening. Instead of incentivizing employers to hire more workers and increase output, the government has now thrown trillions of dollars at varying big businesses, bailing them out in the name of saving the economy, claiming these businesses are "too big to fail'. Well where is the bailout for the American taxpayer? Where is the bailout for the American Small Business?
Instead of providing the incentives and benefits for small business, who create 7 out of 10 new jobs in our Country, we are instead increasing taxes on the very entity that will help lead this country out of our current turmoil. In order to achieve long-term sustained growth you need to have an economy that incentivizes risk-taking, savings and entrepreneurship.
It is in this spirit that I introduced the H.R. 1836, the RELIEF Act, with my Democrat freshman colleague from Idaho, Rep. Walt Minnick. The RELIEF Act would give a payroll tax holiday for 6 months to employers and employees of businesses with 50 or fewer workers. The RELIEF Act stimulates economic growth by not only putting money back into the hands of workers, but also by requiring small-business owners to reinvest their savings from the payroll tax holiday. Owners can hire new employees or purchase items to help their business become more efficient, productive and profitable. Additionally, legislation recently passed the House which I introduced known as H.R. 1845 or the Small Business Centers Modernization Act. This important legislation provides new resources to Small Business Development Centers. These Centers provide emerging entrepreneurs with the tools needed to successfully take their small business concepts into reality and provide existing small business owners with important financial and budgeting consulting to assist in long-term growth and management. By improving Small Business Development Centers, we provide a cost effective way to help stimulate the economy while enhancing American competiveness.
I will continue to work with my colleagues on both sides of the aisle as well as the Small Business Committee to advocate for sound fiscal policies that will truly help stimulate growth, promote American small businesses and protect American taxpayers from wasteful government spending.