Earlier today, Congressman David B. McKinley (R-W.Va.) stood up for job creators across West Virginia and the United States, by voting for a 20% tax cut for small businesses with fewer than 500 employees.
The Small Business Tax Cut Act of 2012 allows small businesses a tax deduction for 20% of their income that is subject to taxation.
"This is much needed help for our small businesses, which are such a crucial part of the Mountain State's economy," said Rep. McKinley. "As a small business owner myself, I know the struggles our job creators face in these tough economic times."
The move will boost the economy by freeing up cash that companies could use to hire workers, give raises or invest in equipment. The legislation would provide $46 billion dollars in immediate tax relief to small businesses struggling in a weak economy by helping more than 22 million firms.
"The 20 percent small business tax cut is something we felt was the very least we could do to help the job generators, right now, who are having so much difficulty," said Rep. McKinley.