Mr. PALLONE. Mr. Speaker, last week I was in Red Bank, New Jersey, in my district, outside the Broadway Diner, talking to the mayor of Red Bank and several small business leaders about the American Jobs Act.
I want to urge that this House and the Republican leadership take up the American Jobs Act as soon as possible. The bill includes an array of tax cuts for small businesses that hire new workers or give raises to existing workers. It also includes a payroll tax cut that puts money into the pockets of the American workers.
The Jobs Act will help small businesses do what they do best: create jobs, drive innovation, and provide economic security for the middle class. And the payroll tax cuts would save a small business with 50 workers approximately $50,000 a year. On the employee side, each American family would take home an additional $1,500 annually.
Mr. Speaker, when I talked to my small businesses in Red Bank about the American Jobs Act, they thought it was a great idea. They thought they would be able to take advantage of it.
We also worked with the SBA to look at possible loans that they were interested in to expand their businesses. This is what we need to do. Pass the American Jobs Act, Mr. Speaker.