Today, Congressman Rick Crawford voted for H.R. 9, the Small Business Tax Cut Act of 2012 to give our nation's small businesses more opportunity to create jobs and grow the economy. The legislation allows small businesses to deduct 20% of their income from taxes regardless of how the company is legally structured. Small businesses that file their taxes as a corporation, a limited liability company, or a sole proprietorship, will benefit from this new deduction.
"Arkansas small businesses drive our rural economy. The 50,000 small businesses in our state employ over 477,000 people and today's tax cut will give these small businesses room to grow and hire more workers," said Crawford. "Additionally, generations of Arkansas families have taken great pride in being small business owners. The American Dream of building a business from the ground up is in jeopardy. The current tax burden placed on small business owners stifles entrepreneurship."
Specifically, H.R. 9 includes language that:
* Allows a 20% tax deduction to all small businesses with fewer than 500 employees;
* Helps 22 million hard-working small businesses retain and create jobs;
* Prevents Washington from picking winners and losers in the marketplace.