By Brandon Moseley
Alabama Political Reporter
Congressmen Robert Aderholt (R) from Haleyville and Spencer Bachus (R) from Vestavia both released statement in support of H.R. 9, the Small Business Tax Act. Rep. Aderholt’s written statement said that the legislation reduces regulatory burdens for our nation’s small business job creators. The Small Business Tax Cut Act of 2012 passed the House by a vote of 235-173. Presently, many small businesses pay a third or more of their income in taxes to pay for government spending, costing America’s small businesses revenues that could otherwise be used to hire workers or buy new equipment and grow the American economy. H.R. 9 would reduce taxes for small businesses with 500 employees or less.
Rep. Aderholt said, “Small businesses are the backbone of our economy, and the best way to boost economic growth and get people back to work is through small business growth. In the past 17 years, businesses with fewer than 500 employees have generated 65 percent of new jobs in this country. Today however, bureaucratic red tape, lack of access to working capital and a complex and onerous tax code have placed enormous burdens on Alabama small businesses.”
Congressman Bachus said on the floor of the House, “You will either choose government or you will choose the people. You will choose the government to ‘create’ jobs like Solyndra, and we saw the disaster there, or you will allow the people to create those jobs. I am putting my trust in the people.”
Congressman Aderholt said, “Currently, cash-strapped small businesses face federal tax rates as high as 35 percent. The Small Business Tax Act will provide a 20 percent tax cut to small businesses with fewer than 500 employees. This vital legislation will help 22 million hard-working small businesses create much-needed jobs and get our nation’s economy back on track.”
Rep. Bachus told members of the Congress that this recession is different from every other recession this country has endured. There has been no recovery to speak of and that difference is caused by government policy. Rep. Bachus said that Congress does not create jobs, businesses create jobs and Obamacare and an increased regulatory burden have done much to prevent any economic recovery.
The Small Business Tax Act would allow small businesses with fewer than 500 employees to deduct 20 percent of their income from taxes irrespective of how they are organized, up to 50 percent of their W-2 wages.
The bill passed the Republican controlled U.S. House of Representatives by a vote of 235-173 and now awaits action in the Democrat controlled U.S. Senate.
Congressman Robert Aderholt represents Alabama’s fourth Congressional District. Congressman Spencer Bachus represents Alabama’s sixth Congressional District. Rep. Aderholt is a member of the House Appropriations Committee, where he is chairman of the Subcommittee on Homeland Security and serves on the Commerce, Justice and Science, and Agriculture Subcommittees. Rep. Bachus is the Chairman of the House Financial Services Committee.
To read Rep. Aderholt’s statement in its entirety:
http://aderholt.house.gov/news-releases/aderholt-supports-small-business-tax-cut-act/
To read Rep. Bachus’s statement in its entirety:
http://bachus.house.gov/index.php?option=com_content&task=view&id=1274
