Sep 16, 2014

Reducing Burdens on America’s Small Businesses

Taxes put a burden on the American people and on the economy. Money that could otherwise be used to improve people’s lives or hire new workers is instead taken by a bloated and wasteful government.

We’ve been suffering from the worst economic recovery since WWII—a recovery where the cost of living is outpacing wage increases for millions of Americans. It’s time to remove the burdens government is placing on the economy to enable growth and job creation.

The House’s jobs package that will be passed this week contains four separate tax extenders from the Ways and Means Committee that will help keep America competitive in a global economy and remove obstacles to growth:

  • H.R. 4438, the American Research and Competitiveness Act: Authored by Representative Kevin Brady (TX-08), this bill aids increased innovation and investment in the U.S by making the R&D tax credit permanent.
  • H.R. 4457, the America’s Small Business Tax Relief Act: Representative Pat Tiberi’s (OH-12) bill makes expensing business property permanent, ensuring that our small businesses have the certainty they need to grow their businesses and create jobs.
  • H.R. 4453, the S Corporation Permanent Tax Relief Act: This bill authored by Representative Dave Reichert (WA-08) provides the necessary flexibility for S corporations to access capital and make new investments.
  • H.R. 4718, making permanent bonus depreciation: Authored by Representative Pat Tiberi (OH-12), this bill enables business owners to make the necessary investments today to grow their companies.
  • Amendment to H.J. Res. 59, the Protect Medical Innovation Act: Authored by Representative Erik Paulsen (MN-03), repeals the medical device tax that burdens U.S. medical innovators, entrepreneurs, and employers.

Four of these five bills have previously been voted on, and each of those bills previously received hearty bipartisan support. Taken these bills received a total of 191 Democratic votes. Overall, Democrats have casted over 850 votes for the bills in the House’s energy and jobs and economy packages.