House Small Business Committee Chairman Sam Graves (R-MO) today issued the following statement on the House passage of the Small Business Tax Deduction Act:
“There is no debate about whether America’s small businesses are the engines of job creation. But to build a stronger economic recovery, we must help small businesses by addressing our debt crisis, pulling back on unnecessary federal regulations, ending any threats of tax increases, and providing substantive tax relief with legislation like the Small Business Tax Deduction Act.
“Small businesses are especially sensitive to expected tax policy because they must make important, long-term decisions today on investment, hiring and expansion. Yesterday, our Committee held a hearing about how upcoming tax increases will affect small firms, specifically the health care law taxes and the expiring tax rates at the year’s end. What we heard is that small firms need relief now, in the midst of immense uncertainty, more than ever.
“According to an independent study, this bill would yield $112 billion more in GDP, create 194,000 jobs, and lead to a 2.24 percent increase in business capital. The Small Business Tax Deduction Act would provide tax relief for millions of small businesses, from mom and pop stores to small manufacturing and service companies, allowing them to invest and hire workers. This is just the type of a jobs legislation that Washington should focus on, and I encourage the Senate to take up this bill.”
To view Chairman Graves’ floor statement before the vote, click here. On March 21st, the Chairman joined Majority Leader Cantor in introducing the bill.