Today, the House of Representatives passed the Small Business Tax Cut Act, H.R. 9. This legislation is designed to help provide needed capital for small businesses to grow and hire new workers. I spoke in support of this legislation on the House floor this afternoon.
As I said in my remarks, over the last two years 7 out of 10 jobs created were created by small businesses, and over the last 17 years small businesses have generated 65 percent of the net new jobs in this country. I believe the Small Business Tax Cut Act will help small businesses continue to grow.
Floor in support of the Small Business Tax Cut Act
The non-partisan Joint Committee on Taxation has estimated that H.R. 9 will benefit over 22 million small business employers across the United States, reducing their taxes by almost $46 billion. As of 2009, in Illinois there are 249,638 small businesses with between 1 and 500 employees - employing 2,454,700 individuals.
Now is the time for the Senate to act and join with the House in passing this pro-growth piece of legislation.