Small Business Tax Cut Act

Statement

On Thursday, the House passed H.R. 9, the Small Business Tax Cut Act. This legislation allows small businesses with less than 500 employees to take a tax deduction equal to 20% of their active business income. Small businesses represent 99 percent of all businesses and half of all private sector employees. They also generate a vast majority of the new jobs in America and play a crucial role in bringing our economy back to improved levels. By easing the tax burden on small businesses, we will create an environment for improved certainty, which will lead to more job creation and better job retention. This tax cut will allow the twenty two million hard working small businesses in our nation to flourish.

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