Today, Congressman Eric Cantor (VA-07) released the following statement on the Ways and Means Committee markup of H.R. 9, the Small Business Tax Cut Act of 2012. Congressman Cantor's Small Business Tax Cut Act provides small businesses with fewer than 500 employees with a one-year tax deduction equal to 20% of their active business income, irrespective of how the small business is organized. More than 30 small business groups, franchisers, health care professionals and small-scale manufacturers support the bill.
"Small businesses are the key to economic growth and job creation in this country. That's why the House is moving forward with real solutions to free up capital and drive small business job creation. Today, Chairman Camp and the Ways and Means Committee advanced the Small Business Tax Cut Act that will provide more than 22 million small businesses with a tax cut, allowing them to keep more of their hard earned dollars and grow their businesses. This week, we sent the bipartisan JOBS Act to the President and I hope when the House votes on the Small Business Tax Cut Act in April, we can come together again to pass immediate tax relief for our nation's small businessmen and women."