Yesterday, Rep. Ralph Hall (TX-04) voted with a House majority on H.R. 9, the Small Business Tax Cut Act, which passed by a vote of 235-173.
"As Americans across the country filed their taxes this week, House Republicans passed a bill that will provide tax relief for small businesses that will help them to expand and hire new workers," said Hall. "Jobs remain my top priority, and tax reform is one way we can can create a healthy environment for job creation."
Hall continued, "Over the past two decades, small businesses have created 65% of new jobs in America. However, with the economy still struggling to pick up, small businesses are facing many challenges. One of those challenges is a federal tax rate as high as 35% in addition to state and local taxes.
"TheSmall Business Tax Cut Act will help small businesses with fewer than 500 employees by allowing them to deduct 20% of income from taxes and as much as 50% of employee's W-2 wages. It recognizes that small business owners know what they need to succeed more than Washington does, and this bill allows them the financial freedom to make those decisions. By putting money back in the pockets of small business owners, more jobs can be protected and created and businesses can grow and thrive.
"While we must reform the broken tax code, this bill makes positive steps by providing tax relief to small businesses."