U.S. Congressman Sean Duffy (WI-07) released the following statement today after the House of Representatives voted to pass H.R. 9, legislation cutting by up to 20 percent taxes for more than 20 million small businesses across the country including nearly 110,000 in Wisconsin alone:
"Rather than waste time on political gimmicks such the "Buffett Rule" that would do virtually nothing to create jobs, or address the nation's $15.6 trillion debt, the House passed legislation today that would cut by up to 20 percent, job killing taxes for 22 million small businesses across the country -- including nearly 110,000 right here in Wisconsin. In fact, in my district, small businesses make up the vast majority of the employers.
"At 39.2 percent our corporate tax rate is the highest in the world, so it's a critical distinction to make. While President Obama and the Senate Democrats push for even higher taxes that won't create a single job, or help a single business, the House is passing pro-growth tax cuts for small businesses that encourage job creation, economic growth and re-investment. The Buffett Rule, if enacted, would generate on average $4.6 billion annually, according to the nonpartisan Joint Committee on Taxation. That's roughly enough money to fund 11 hours of federal government spending -- a mere drop in our $15 trillion debt bucket and not a real solution to our country's problems.
"Today, I'm glad the House again took action to give millions of our nation's small businesses the assistance they need to expand, grow and create new jobs. We must continue to work for long-term tax reform that is fairer and flatter for all taxpayers and gives businesses of all sizes the confidence to make extended investments to grow and create jobs."