Moments ago, President Obama said, “Congress needs to step up and support America’s small businesses.” The President will have a chance to put action behind his rhetoric.
Over the weekend, Leader Cantor announced that the House will move forward on two initiatives to empower small businesses and entrepreneurs – the JOBS Act and a 20% small business tax cut to create jobs. If President Obama is serious, there is a real opportunity to work together to create jobs.
• Leader Cantor Unveils The Jumpstart Our Business Startups Act – The JOBS Act. There are two things that we’re going to be taking up within the next several weeks that I think all of us can agree on. One is a bill that we're calling the JOBS Act – Jumpstart Our Business Startups – which essentially is going to be a package of measures that have a lot of bipartisan support. These are things that the President and his jobs council advocated, including Steve Case the former AOL Chairman and Founder. What it does, is it speaks to small business growth. We have to afford access to more financing for small businesses and address the regulatory burden that small businesses are facing so we can see them start up again. Over the last three years, there has been a 23 percent decline in small business startups, which is indicative when you look at the job growth numbers. We know small business is the job growth engine in this country. This package represents the first opportunity for us post the payroll tax holiday extension to work together in a bipartisan manner and get something done.” (Fox News Sunday, 2/19/12)
• Leader Cantor Proposes 20% Small Business Tax Cut To Create Jobs: “We'll bring forward a bill that provides a tax cut for small businesses, again, knowing full well that small businesses create more than 60 percent of the jobs in this country. … We know that overwhelmingly the number of folks who are business people in this country file as individuals. We want to help the small businesses as defined by the Small Business Administration – that’s 500 employees or less. Those entities will be allowed a 20 percent tax cut straight to the bottom line, and that's what we want to do is make it easier for them to start up.” (Fox News Sunday, 2/19/12)