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“YES” on H.R. 9, the Small Business Tax Cut Act.
April 19, 2012
NTU urges all Representatives to vote “YES” on H.R. 9, the Small Business Tax Cut Act. Introduced by Representative Eric Cantor (R-VA), this legislation would give a one-year tax deduction to small businesses equal to 20 percent of their business income.
While this bill would provide much-needed tax relief to our entrepreneurs, a comprehensive tax and regulatory reform agenda would do far more to foster long-term growth. Given the prospects for transformational tax policy at the beginning of the 112th Congress, it is disappointing to see that progress has been limited to piecemeal, short-run approaches like H.R. 9.
Lowering and simplifying what has become the developed world’s highest corporate tax rate as well as tackling our onerous individual income tax laws would create a more even playing field for businesses to compete. NTU also believes Congress should keep pursuing reductions in spending to ensure that our unsustainable debt does not continue to rise and threaten our economic future.
U.S. businesses need more than a one-time tax break; they need a permanent tax overhaul. Though H.R. 9 falls short of that goal, it is nonetheless a worthwhile reduction in tax burdens that Members should support.
A “YES” vote on H.R. 9 will be considered the pro-taxpayer vote for our annual Rating of Congress.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700.