House Judiciary Committee Chairman Lamar Smith today voted to support the Small Business Tax Cut Act (H.R. 9) to give every small business with fewer than 500 employees a 20 percent tax deduction. The House of Representatives passed the bill by a vote of 235-173. This legislation frees up funds for 22 million small businesses to retain workers, hire new employees and grow our economy.
Chairman Smith, who cosponsored the bill, issued the following statement today after the House vote.
Chairman Smith: "Over the past 17 years, small businesses have generated 65% of the new jobs in this country. While small businesses face sun-setting income tax cuts and expiring temporary payroll tax cuts, the Obama administration continues to raise taxes and impose new regulations on millions of small businesses. We need to encourage small businesses to expand, not tie them up with more taxes and red tape.
"The Small Business Tax Cut Act lowers tax rates on small businesses and frees them up to spend more, invest more, and produce more in order to create more jobs. Their recovery is the key to getting more Americans back to work."
More information about the Small Business Tax Cut Act can be found at: http://www.majorityleader.gov/SmallBiz/.