Friends:

Small business owners nationwide are becoming increasingly nervous as Majority Leaders in Congress threaten to impose the largest tax increase in history this January. President Obama claims that this massive $3.9 trillion tax increase will only affect “the wealthiest Americans” who earn more than $250,000.  However, he continues to ignore the fact that many taxpayers report small business income that pushes them above the $250,000 threshold.

According to the nonpartisan Joint Committee on Taxation, this tax hike will raise taxes on 50 percent of the small business income in America. Raising taxes on anyone, especially the entrepreneurs who create the majority of private sector jobs, is one of the worst things we can do during a recession.  According to a NFIB survey of small business owners, businesses most likely to pay the proposed higher taxes employ over 25 percent of the total workforce.

My Republican colleagues and I are fighting alongside the American people to stop this job-killing tax hike, and a growing number of Democrats stand with us. In an effort to ensure everyone’s voice is heard on this issue, Republican Leader John Boehner (R-OH) has asked House Speaker Nancy Pelosi (D-CA) to allow an honest up-or-down vote before the election on legislation to stop the coming tax hikes. I sincerely hope the Speaker will agree.


Sam Graves
Ranking Member

On Thursday, the Senate approved an amended version of the Small Business Jobs and Credit Act that passed the House in June (H.R. 5297).  The legislation would create a $30 billion bailout fund to encourage small business lending; however, there is no requirement that participating banks actually lend to small business owners.  Republicans oppose this bill because it is another ineffective federal injection of taxpayer dollars into the private sector. A vote in the House on the amended version of the Small Business Jobs and Credit Act is expected next week.

Also this week, the House passed a bill to establish $5 billion in new energy efficiency loan programs for homes and businesses. Republicans expressed concern that this legislation is duplicative of existing federal programs and would only add to our soaring deficit.

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