Upton, House Support Tax Relief for Small Business

Statement

Congressman Fred Upton (R-St. Joseph) voted today to provide tax relief for Michigan small businesses through the Small Business Tax Cut Act (H.R. 9). The temporary tax cut proposal would reduce taxable income on businesses with fewer than 500 employees by 20 percent in 2012. This one-time 20 percent cut would help more than 20 million American small businesses grow and create jobs. Small businesses represent over 90 percent of all Michigan employers and employ over half of the state's private-sector workforce. H.R. 9 passed the House this afternoon by a vote of 235 to 173 and now heads to the Senate for consideration.

"Michigan small business owners are on the front lines of our state's recovery, leading the way for job creation and economic growth," said Upton. "Rather than saddle our job creators with costly new regulations and higher taxes, we should be incentivizing them to expand their operations and create jobs here at home. After the challenges of the past three years, it is time to give them the relief and certainty they deserve."

Source