| Weekly Update from Sam |
Dear Friends,
This morning the U.S. Labor Department reported that 80,000 jobs were created in October while the unemployment rate fell to nine percent, marking the 33rd consecutive month where unemployment exceeded eight percent. In addition, the number of jobs created in October was less than economists had expected. These dismal numbers highlight even more so the need for the White House and Senate to work with House Republicans on our jobs plan.
Contrary to the President’s claim that Congress is not doing anything to address jobs, the House has passed over 20 bipartisan jobs bills that are stuck in the Senate where they have been refused a vote. In fact, this week, the House voted on two jobs bills, the Access to Capital for Job Creators Act (H.R. 2940) and the Entrepreneur Access to Capital Act (H.R. 2930), which would help open up additional avenues for small firms to raise capital, start businesses and grow.
Small businesses are looking for certainty and consistency from Washington before they invest in their companies. With small firms being our best hope for job creation and long-term economic recovery, we should not delay in fostering this environment. This means peeling back onerous regulations, lowering taxes and living within our means here in Washington.
Sam Graves
Chairman
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Latest Committee Action
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On Thursday, Economic Growth, Tax and Capital Access Subcommittee Chairman Joe Walsh (R-IL) held a hearing to examine the need for individual tax reform for small businesses since a majority of small firms (over 80 percent) are 'pass through' entities— those that pay their taxes on their individual tax returns, rather than on a corporate return. It is important as Congress considers tax reform that any reforms include pass-through entities, as well as, corporate reform. This will help our nation’s best job creators thrive instead of being crippled by unnecessary burdens.
Also during the hearing, our testifying small business owners had the opportunity to voice their recommendations to the Joint Select Committee on Deficit Reduction. The consensus response was that small businesses need more certainty in the tax code and consistency in lower tax rates in order to create jobs. Watch the video by clicking here.
Next week, November 7-11, the U.S. House of Representatives will be in recess for a district work period.
On Tuesday, Contracting and Workforce Subcommittee Chairman Mick Mulvaney will hold a field hearing in Sumter, South Carolina to examine barriers for small business contractors with the Department of Defense (DoD). The hearing will focus on a contract given by the Navy to a firm based in Montgomery, Alabama to build the Army Headquarters building at Shaw Air Force Base in Sumter. Specifically, the Subcommittee will look at what qualifications were needed by the Army that led to their decisions and could potential improvements in bids from local companies increase their success in the federal contracting arena.
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Notable Op-Eds
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Don’t Forget The “Forgotten 15” Jobs Bills
By Chairman Sam Graves
November 3, 2011
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News From Washington
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On Thursday, the House passed two bipartisan jobs bills that will increase access to capital for small firms and enable them to grow. The Access to Capital for Job Creators Act (H.R. 2940) passed by a 413-11 vote and the Entrepreneur Access to Capital Act (H.R. 2930) passed by a vote of 407-17. Both bills adopt policies that support functional capital markets, while lessening restrictions and barriers to finding investment. They also promote an innovative method of capital formation, in crowdfunding, and broaden the pool of investors from which small companies can raise equity capital.
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| November 4, 2011 |
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