Rep Cmte Small Business

Contact: DJ Jordan, Joel Hannahs 202-225-5821

Graves Statement on the President's Desire to Raise Taxes on Small Businesses

Washington, July 9, 2012 -

House Small Business Committee Chairman Sam Graves (R-MO) today issued the following statement on President Obama’s proposal to raise taxes on small businesses:

“Small business are facing an enormous amount of uncertainty that could be addressed today by simply extending the 2001 and 2003 tax provisions. In his effort to pick winners and losers, the President will be ignoring thousands of small firms and entrepreneurs that are paying taxes as individuals.  A 
nonpartisan Joint Committee on Taxation report estimates the President’s proposal would increase taxes on 53 percent of pass-through business income and about 940,000 small businesses. In a stagnant economy, it makes no sense to raise taxes on anyone, especially the small businesses we need to take risks and invest in the private sector. As we learned in an April Committee hearing, small businesses are bracing for new taxes and tax increases in the health care law that are inhibiting their ability to invest, grow, and hire. The President is once again offering the wrong prescription for job creation.”