Congressman Robert Aderholt (AL-04), today released the following statement in support of H.R. 9, the Small Business Tax Act.
"Small businesses are the backbone of our economy, and the best way to boost economic growth and get people back to work is through small business growth," said Aderholt. "In the past 17 years, businesses with fewer than 500 employees have generated 65 percent of new jobs in this country. Today however, bureaucratic red tape, lack of access to working capital and a complex and onerous tax code have placed enormous burdens on Alabama small businesses."
"Currently, cash-strapped small businesses face federal tax rates as high as 35 percent. The Small Business Tax Act will provide a 20 percent tax cut to small businesses with fewer than 500 employees. This vital legislation will help 22 million hard-working small businesses create much-needed jobs and get our nation's economy back on track," concluded Aderholt.
The Small Business Tax Act would allow small businesses with fewer than 500 employees to deduct 20 percent of their income from taxes irrespective of how they are organized, up to 50 percent of their W-2 wages. The legislation passed the House of Representatives by a vote of 235-173 and now awaits action in the Senate.
Aderholt currently serves as Chairman of the Subcommittee on Homeland Security for the powerful House Appropriations Committee, is a member of the Committee's Commerce, Justice and Science; and Agriculture Subcommittees, and also serves on the Helsinki Commission.
For more information about Aderholt's work in Congress visit www.aderholt.house.gov.