Congresswoman Ileana Ros-Lehtinen (R-FL) voted today for legislation that will help our small businesses and by doing so it will help grow our economy and create desperately needed jobs. The bill, "The Small Business Tax Cut" H.R.9, was presented by Majority Leader Eric Cantor with the goal of permitting small businesses to take an extra deduction of up to 20% in their taxes.
Regardless if small businesses pay taxes at the corporate or individual rate, some of them can pay up to a 35% tax rate. Cantor's legislation would remedy this by allowing a 20% deduction in small businesses' income taxes, extra money that can be used keep more money in the businessman's pocket to purchase new equipment or hire more workers. The bottom line is that the money stays where it belongs: With the taxpayer and not in the government's hands. The only restriction that the legislation imposes is that the companies seeking the tax deduction have fewer than 500 employees.
Said Ros-Lehtinen, "The constituents I represent in South Florida are very worried over their finances and the lack of suitable employment opportunities and rightly so as these are tough economic times we live in. This legislation that the House approved will help our economy by assuring that more money stays in the hands of the millions of small business owners across the nation and is not sent to bureaucrats in Washington. In turn, the entrepreneurs will invest in new equipment, hire new workers or improve their bottom line; all of these actions improve demand and consumption and create additional jobs. Small businesses are the engine of the American economy and the Congress needs to do all it can to support them."