U.S. Rep. Patrick Meehan (PA-07) today joined a group of small business women from around the region to listen to the issues they are facing as small business owners. The discussion also centered on legislation passed by the House of Representatives yesterday, the Small Business Tax Cut Act of 2012, a bill to help small business owners retain more capital, invest in their businesses and create more jobs. Many of the 228,000 small businesses in Pennsylvania that employ over 2.4 million people across the Commonwealth will directly benefit from this legislation. The event took place at Margaret Kuo's Restaurant in Wayne.
"Today we brought together a diverse group of small business owners - a restaurant, a staffing company, a few in the health care field -- but what they each have in common is that their businesses are in need of the Small Business Tax Cut and with it they will be able to grow and hire new workers," said Meehan.
Meehan also emphasized thatsmall businesses are the engine of our economy. Over the past 17 years, small businesses have generated 65 percent of the new jobs in our country.
"We are always hiring," said Kimberly Wise, Executive Vice President of Mustang Expediting, a transportation company based in Aston. "But if I can't afford trucks to put drivers in, I can't grow and have no incentive to hire. That's where this tax cut comes in, and why it can help us. This allows us to afford the trucks to hire more drivers."
"There needs to be an infusion and real incentive to hire people," said Laura Kasper, President of Monarch Staffing with locations in both Delaware and Chester County. "With the looming healthcare requirements, as small business owners, we need tax credits and incentives to give us some certainty so that we can hire employees. This tax credit would give us some of the certainty that we need."
"This is where the flexibility comes in," said Linda Raileanu, President and CEO Genuine Healthcare Resources. "The 20 percent tax cut will allow people to meet their needs as they see fit. Each business has different needs. There were 8 business women here, and each of us can use the money saved by this tax cut in different ways."
"The more flexibility we have, the better," said Ellen Petersen, President/CEO, Ellen Petersen Executive Coach and Consulting, LLC. "This tax credit offers flexibility. But if the Democrats need to tie it to job creation and employment, then we should focus it there. Something should be done for the Senate to take action."
Under the proposal, small businesses would be allowed to deduct 20 percent of their income from taxes. A Fiscal Associates study shows the legislation will help create more than 100,000 new jobs a year once fully in place, directly benefitting 22 million small businesses of which one third are women-owned and one fifth are minority-owned.