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Thursday, April 19, 2012

SBE Council Pleased by Passage of Small Business Tax Cut

The Small Business & Entrepreneurship Council (SBE Council) was pleased to see that the U.S. House of Representatives passed the Small Business Tax Deduction Act (H.R. 9) today.

Karen Kerrigan, SBE Council’s president and CEO, said, “Entrepreneurs are concerned about the tax increases due to kick in at the end of this year. Those tax hikes will reduce the ability of small businesses to invest, build and create jobs. In contrast, the Small Business Tax Deduction Act that passed the House, by providing a 20 percent tax deduction to small businesses, shifts the tax policy debate in a welcome, far more pro-entrepreneur, pro-growth direction.”

Kerrigan continued, “Obviously, much more needs to be done on the tax front. That includes eliminating the many tax increases coming next year that pose additional, significant threats to an already poor economic recovery. If we want to reinvigorate economic growth and job creation, then tax increases are the last thing we need.”

Raymond J. Keating, chief economist at SBE Council, added, “Economic and employment growth require that resources be left in the hands of America’s entrepreneurs, as opposed to taking those resources so they can be spent for political purposes. Let’s hope that this vote in favor of lower taxes on small businesses by a majority of members in the House of Representatives will be recognized as the right direction to go on tax policy by the U.S. Senate and the Obama administration.”

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