Mr. MURPHY of New York. Mr. Speaker, I rise today supporting House bill 5982, the Small Business Tax Relief Act of 2010. This bill is incredibly important for us to pass. As I travel around my district in upstate New York, I hear consistently, all the time from my small business owners that they need regulatory relief, and they need support if they're going to invest and expand our economic recovery that we have going on.
As somebody who has been a small business owner, who has started small businesses and has been building them up all of my life, I know what a burden regulatory hurdles can be for small businesses. This bill is going to repeal what could potentially be a huge hassle for a lot of small businesses. This 1099 reporting was a well-intentioned provision to try to catch people who were cheating on their taxes; but it has some unintended consequences, in my opinion, that will create a lot of extra work and hassle for our small businesses.
This is something I hear about every day when I travel my district. I am sure that our colleagues across the aisle hear this from their small business owners as well. And everyone in this body who knows what's going on with our economy will know how important it is to stimulate activity and to get people back to work. The best way we do that is to support our small businesses. They're the ones who create new jobs. Sixty to 80 percent of the
new jobs are created by small businesses--in particular, new small businesses. That's where the economic activity comes from in our country. That's who we have got to be supporting. This bill does a great job of doing that.
I know that many of my colleagues on the other side know that this hurdle that we have out there, with this 1099 reporting, needs to be repealed. They've been talking about it. We've been talking about it. There's bipartisan consensus there, but this bill does something else that's very valuable for the American public as well. It closes some foreign tax loopholes. Some of these are very egregious. Companies are getting the United States Government to refund foreign tax credits they're paying on income that they had never reported in the United States. This is something that should be fixed. We need to make sure our corporations have incentives to invest here, not incentives to invest overseas based on complex tax schemes that keep them from paying taxes.
I want to be building stuff in America. I want to be making stuff in America. I want our tax policy to encourage corporations to make stuff here in America. That's what I hear from big companies. They want to build it here, but our tax rules make it so that it's better for them to build it somewhere else. This is how we solve that. This will bring American jobs back here. It will bring American investment back from American corporations, and it will help our small businesses get some regulatory relief. This is a win on both sides. This is a bipartisan kind of solution because we're helping our small businesses by getting government out of the way. We're fixing our Tax Code to make it so that American companies will have incentives to invest here in America, not in China and not anyplace else around the world.
This is the kind of policy that will help get our economy moving. This will put Americans back to work. This will help our middle class folks who are struggling all over this country, looking for good jobs. This is the way that we do that. I think this is a great piece of legislation. I expect we'll have good bipartisan support for it.