| Weekly Update from Sam |
| Dear Friends,
This week, Congress worked together to help small businesses by passing the JOBS Act and sending it to the President. Access to capital continues to be a significant challenge for entrepreneurs and small firms who want to start or grow their business. The JOBS Act helps small business by easing the process of going public and providing more opportunities for investment capital.
In another development that small businesses are closely following, the Supreme Court heard arguments about President Obama’s health care reform law for three days this week, and many legal experts believe that the law is now in danger. Although I agree that reform is needed to address the problems in our nation’s health care system, the President’s law went too far in its taxes, mandates and bureaucratic control. I join thousands of small businesses in hoping that the law is struck down by the Court, and replaced with free market reforms.
Lastly, the House passed a budget for Fiscal Year 2013 that addresses our massive federal debt and includes fundamental pro-growth tax reform. While in three years, the Senate has avoided even proposing a budget, the House showed courage in passing a plan that will decrease our deficits and help provide more certainty for small businesses.
Sam Graves
Chairman
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Latest Committee Action
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On Wednesday, Chairman Sam Graves (R-MO) held a full Committee hearing on the added value, jobs and economic growth that come from large and small businesses partnering together. Between the anemic economy and demands of a global marketplace, large companies are increasingly creating alliances with smaller companies to benefit from their leanness, nimbleness and creativity.
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News From Washington
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As mentioned above, the House approved the Senate-amended Jumpstart Our Business Startups (JOBS) Act (HR 3606) on Tuesday by a vote of 380-41. The JOBS Act increases opportunities for capital formation and eases the path for high-growth companies to go public.
On Thursday, the House approved a three-month extension of current transportation programs (H.R. 4281) by a vote of 266 to 158. The Senate approved the extension by voice vote the same day.
Also mentioned above, the House passed a Fiscal Year 2013 budget proposal (H Con Res 112) by a vote of 228-191 on Thursday. The $1.028 trillion budget would reform the tax code and make changes that will preserve entitlement programs. The plan would cut projected spending by $4 trillion over the next decade, and is $19 billion below the $1.047 trillion spending cap set in the August debt limit deal. The plan proposes consolidating the tax code into two income brackets (set at 10 percent and 25 percent) and recommends reducing the corporate tax rate from 35 percent to 25 percent.
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| March 30, 2012 |
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| What We're Reading |
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| Small Biz Resources |
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