U.S. Rep. Charlie Dent (PA-15) today voted for H.R 9, the Small Business Tax Cut Act, which passed the U.S. House of Representatives by a vote of 235 to 173. The bill provides a 20% tax deduction on business income for American small businesses with less than 500 employees. The Joint Committee on Taxation (JCT) estimates H.R. 9 would reduce small business taxes by $45.9 billion over the next ten years.
"Small business growth will drive our economic recovery," said Rep. Dent. "Reducing the tax burden on American small businesses will allow these crucial job creators to invest in their growth and hire more employees. Like a growing number of bipartisan Members of Congress, I believe comprehensive tax reform, which broadens the base, eliminates loopholes and modernizes the tax code, will help spur substantial economic growth. However, until extensive reform is completed, Congress must continue to pass legislation like H.R. 9 that supports the growth of American small businesses."