The House of Representatives passed a bill today that will allow small businesses to take a tax deduction equal to 20 percent of their active business income.
The "Small Business Tax Cut Act" was introduced by House Majority Leader Eric Cantor and seeks to improve jobless numbers by freeing up business capital for employers to retain and hire new workers. Small businesses account for 96.7 percent of employers in Mississippi, meaning that 44,518 job creators could invest more in their companies and expand payrolls.
Meanwhile, Senate Democrats failed to advance a plan to force individuals who earn more than $1 million per year to pay more taxes. An independent report on the two competing plans revealed that small business tax relief would grow the economy, create jobs and increase business capital while the so-called "Buffet Rule" would do little to boost federal revenues and nothing to generate new hires.
The fastest way to get Mississippians back to work is by reducing the federal tax burden on small businesses and reining in debt and deficits.
To learn more about what is happening in my congressional office, please join my Facebook, Twitter and YouTube pages.
Member of Congress