As American families and businesses faced Tax Day this week, we are reminded that our burdensome tax code needs to be overhauled and simplified. According to the National Taxpayer Union, as of 2010, our federal tax code had more than 3.8 million words. Additionally, it is estimated that taxpayers spend over 7 billion hours complying with tax laws.
To provide small business with some tax relief, the House approved the Small Business Tax Cut Act of 2012 (H.R. 9) on Thursday. This legislation provides a tax deduction, equal to 20% of a businesses' active income, for companies with fewer than 500 employees. I was proud to support this legislation on the House floor Thursday which will allow small businesses to keep more of their hard-earned dollars to reinvest in their companies, and thus remain competitive in the global marketplace and hire more workers.
As the engine of our economy, small businesses are critical to our nation's recovery during this continued period of chronic unemployment and unprecedented debt. The Administration's push for higher taxes on hardworking Americans with gimmicks like the "Buffett Rule" will not create one job or shave even 1% off the deficit. Conversely, House Republicans are committed to getting government out of the way and providing tax relief and economic certainty for small businesses so they can succeed.
To get Americans working again and to encourage our economy, we must create an environment that empowers entrepreneurship and innovation. That is why I was proud to support H.R. 9 this week and will continue to fight for pro-growth solutions to assist North Texas small businesses and to ensure that all Americans have the opportunity to achieve the American Dream.