Small Business Subcommittee Chairwoman Renee Ellmers released the following statement from her office in Washington this afternoon:
"I'm proud to announce that, this afternoon, the House successfully passed the Small Business Tax Cut Act - a vitally important piece of legislation that will provide much-needed support for our job creators."
"We are fighting to get people working again. As Democrats in the Senate attempted to raise taxes this week, House Republicans are cutting taxes for our nation's small business job creators. We will continue to work to turn around the Obama economy by protecting American workers and job creators from tax increases, rolling back job killing regulations, and ending reckless Washington spending."
This afternoon, the House of Representatives passed the Small Business Tax Cut Act of 2012 to give small businesses with fewer than 500 employees a 20 percent tax cut. Currently, cash-strapped small businesses face federal tax rates as high as 35 percent.
This bill's 20 percent tax cut will help 22 million hard-working small businesses retain and create more jobs and grow their businesses. One third of the firms directly benefiting from this tax cut are owned by women. Furthermore, the Small Business Tax Cut Act also gets Washington out of the business of picking winners and losers, countering the President's notion that certain groups should be allowed to succeed and others should not. Job creators throughout the country will benefit from this new deduction - whether organized as a corporation or as one of the 75% of small businesses that operates as a pass-through.