Leader Cantor Pushes JOBS Act And Small Business Tax Cut To Create Jobs On CNBC
February 29, 2012
Contact: Doug Heye, Megan Whittemore
202-225-4000

Bipartisan Measures In The JOBS Act Will Spur Small Businesses And Startups: “It's too hard right now for small business people to start up. It's too hard for them to keep the lights on and to start hiring again. That was the purpose for the JOBS Act. This is a compilation of measures, some of which have moved across the floor of the House, and some ideas which have been taken from the President's Jobs Council itself. What the bills do is, one, they get rid of some of the SEC regulations that are impeding small businesses from starting up. We have something called an IPO on-ramp that makes it easier for small businesses to access to capital by going public. There are other provisions that allow for a carve out on the Sarbanes-Oxley issue, so that we can give small businesses a fighting chance to get off the ground. We know small businesses are the job engine of this country and over the last three years there’s been a 23% decrease in the number of start-ups. That's what this package is trying to get at.”

House And Senate Can Work Together On Pro-Growth JOBS Act: “We have Majority Leader Reid in the Senate indicating he was going to move on comparable package in the Senate. It might seem to be that the stars are beginning to align, and aligning on the one thing that we need to be focusing on, the one thing America wants to see happen which is economic growth. We know that growth happens in the private sector. It happens through small start-ups and it happens through entrepreneurs going to work and putting their capital to work so that we can see jobs created.”

House Small Business Tax Cut Will Spur Growth And Hiring: “We're working on a bill coming down the pike around Tax Day which will give small business owners a 20% tax cut. Most of the small businesses in this country are Subchapter S and LLCs, the pass-through entities taxed at the individual level. What our bill says is we don't care if you're a pass-through or you are a C-corp, what we want to do is make it easier for you to operate and make it easier for you to keep more of your capital so you can hire and grow. This is a pro-growth measure and because there’s such a divide on overall tax reform, which all of us want to see happen, we're trying to say at least give small business owners a break. So our bill will provide for a 20% tax cut for small businesses.”

We’re Trying To Find Commonality On Growth-Oriented Measures Aimed At Small Businesses And Startups: “We do think we can get bipartisan support to give small business owners a tax cut. We need to go about big, comprehensive tax reform: bring down the rates, broaden the base, get rid of the preferences and get Washington out of the business of picking winners and losers and allocating capital so we can grow the economy. But we've seen over the last year there's difficulty in bringing the two sides together. So what we're trying to do is find commonality on growth-oriented measures aimed at startups and small businesses - the backbone of growth in this economy.”