Representative Graves Votes to Lower Taxes on Small Businesses to Spur Economic Growth and Job Creation

Statement

U.S. Rep. Tom Graves (R-GA-09) issued the following statement after voting in favor of H.R. 9, the Small Business Tax Cut Act. The bill gives small businesses with fewer than 500 employees a 20% tax cut. Currently, small businesses pay up to 35% in federal taxes. The Small Business Tax Cut Act will help 22 million small businesses grow and create more jobs.

"The best way to boost economic growth and get Americans back to work is to unleash the ingenuity and determination of the people. By letting small businesses keep more of their profits, small business owners will be in a better position to grow their companies and hire more workers."

"With the nation's unemployment level still unacceptably high, we need to help our small businesses. They are America's biggest employers and job creators. This bill is part of House Republicans' ongoing effort to lower taxes, cut spending, and free up capital so the American people can do what we do best: create and innovate."

Background:

During the past 17 years, small businesses with fewer than 500 employees have generated 65% of the new jobs in America. The Small Business Administration's Office of Advocacy reports that small businesses represent 99.9% of the businesses in the United States and employ about half of all private sector employees. The Small Business Tax Cut Act would let small businesses take a tax deduction equal to 20% of their active business income, in order to free up capital to retain and hire new employees.

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