Mr. BUCHANAN. Mr. Speaker, the President's plans to raise taxes on small business across America will hurt the economy and kill jobs. Small business creates 70 percent of the jobs in America. Unemployment is 9 percent in the country and even higher in my State of Florida.
The threat of a double-dip recession is greater than ever. The last thing we should be doing is raising taxes on job creators.
The White House claims the $1.6 trillion tax increase won't affect small businesses and jobs. But as someone that's been in business 30 years and created thousands of jobs, they're wrong.
Millions of small businesses file their individual taxes through an individual tax code, and that means that their taxes will go up. In fact, 48 percent of small business income will face higher tax rates under the President's plan.
We need to enact pro-growth policies that create jobs, not kill them. I urge my colleagues to reject the administration's tax hikes on job creators.