Unemployment in this country remains above nine percent; in California it is twelve percent. Washington has created an unprecedented level of uncertainty that is stifling businesses. Now, more than ever, we need to allow our small businesses, the job creators and the backbone of this country, to operate in an environment that encourages them to invest and create jobs.
Congress needs to reign in the federal regulations that hamper employers and entrepreneurs from investing in the future of America. With my vote, the House passed and the President signed into law legislation that prevents any tax hikes from occurring until 2013.
Also, I've introduced the Small Business Lending Enhancement Act this Congress. With a projected $1.6 trillion budget deficit, stimulus spending is not an option. My legislation will provide much needed financing for small businesses without spending a single tax dollar. It takes an important step in shifting our current economic path and putting Americans back to work. As a result of the Small Business Lending Enhancement Act, credit unions will be eligible to lend up to $10 billion to small businesses within a year, which translates into more than 100,000 new jobs.
Furthermore, I am an original cosponsor of legislation recently signed into law to repeal the burdensome 1099 IRS requirement which was included in the President's healthcare bill. The provision mandates that all companies file an IRS 1099 tax form when buying more than $600 in goods or services in a tax year. A recent National Federation of Independent Business (NFIB) Small Business Survey determined that tax paperwork, costing $74 an hour, is the most expensive burden placed on small businesses by the federal government.
We've got to keep our focus on getting our economy going again and this means revitalizing the private sector. Real economic growth has always and will always come from the private sector; Washington must enable business to thrive and expand.
This is why I recently launched American Job Creators, to give California job creators and innovators the opportunity to detail how government regulations are holding them back. By visiting the website businesses can tell me where they think Washington helps or hurts. Their stories and examples of government impediments to the growth and success of their business will help me work to foster a climate that encourages job creation.
American job creators deserve the opportunity to succeed and grow here in the United States but they can't do it under mounting debt and crushing regulations. To get it right we need help from our country's proven job creation experts.