The Small Business Tax Cut Act is a simple, clear solution to help small businessmen and women grow their businesses and hire new workers.
The Small Business Tax Cut Act will allow small businesses with fewer than 500 employees to take a tax deduction equal to 20% of their active business income, irrespective of how the small business is organized. Our 20% small business tax cut goes straight to the bottom line so small business owners can retain more capital, invest in their businesses and create more jobs.
What Does A 20% Tax Cut Mean To Small Businessmen And Women?
"It's no secret that the economic downturn has hurt businesses such as Puritan Cleaners over the last several years. We've had to make tough decisions on how we spend our money and the direction that we take our business. Congressman Cantor's 20% Small Business Tax Cut will help us immediately as we look to expand our business by possibly adding a new location or even rehiring employees that we were previously forced to lay-off. Frankly, it puts us back into a position where we can better take care of our employees and serve our customers and our community."Gary Glover, President, Puritan Cleaners, Richmond, VA
"Any kind of incentive helps us help the community that we serve. With this tax cut, we would be able to offer more products and services, hire additional staff and participate in more events that inspire more customers to visit our area. We have always encouraged local shopping and the use of local products. This will help us keep more money back in the business and ultimately back into the community."John Yarnall, Owner, It's About Thyme, Culpeper, VA
"Having run one of the fastest growing small businesses on the East Coast, it is clear that the best way to boost economic growth and get people back to work is through small business growth. Health Diagnostic Laboratory is growing at an average rate of 5% per week due to the hard work and entrepreneurial spirit that runs throughout the company culture. While our business plan is thriving, our current tax rate siphons away more than one-third of our income that could otherwise be used to continue to grow and hire more employees and carry this success story forward. Congressman Cantor's 20% Small Business Tax Cut will effectively allow HDL to immediately free up funds that will be used to retain and hire new employees."Tonya Mallory, President & CEO, Health Diagnostic Laboratory, Inc., Richmond, VA
State by State Analysis
The Small Business Tax Cut Act has the support of the Academy of General Dentistry, Acushnet, American Academy of Pediatric Dentistry, American Academy of Periodontology, American Association of Oral Maxillofacial Surgeons, American Association of Orthodontists, American College of Prosthodontists, American Dental Association, American Supply Association, American Truckers Association, American Wholesale Marketers Association, Americans For Tax Reform, Associated General Contractors, Burger King, Coalition of Franchisee Associations, Club Managers Association of America, Dunkin' Donuts Independent Franchise Owners, EA Independent Franchisee Association, Financial Services Institute, Forging Industry Association, Golf Course Superintendants Association of America, Heating, Air-Conditioning and Refrigeration Distributors International, Hispanic Dental Association, Independent Electrical Contractors, Independent Insurance Agents and Brokers of America, Independent Organization of Little Caesars Franchisees, Industrial Fasteners Association, Interlocking Concrete Pavement Institute, International Franchise Association, International Sign Association, KFC, Long John Silver's Franchisee Association, National Association of Chemical Distributors, National Association of Convenience Stores, National Association of Home Builders, National Beer Wholesalers Association, National Council of Chain Restaurants, National Franchisee Association, National Golf Course Owners Association, National Precast Concrete Association, National Ready Mixed Concrete Association, National Solid Waste Management Association, National Stone Sand and Gravel Association, North American Association of SUBWAY Franchisees, Professional Golfers Association of America, Small Business and Entrepreneurship Council, Truck Renting and Leasing Association, Warehouse Logistics Association, and the World Golf Foundation.