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Small Business
Small businesses are the lifeblood of the American economy and the national labor force. The small business community represents 99.7 % of all employers and is responsible for 75% of all new hires each year. I wish to share my gratitude to our neighborhood small business owners for their contributions to our local community and highlight some of the work my colleagues and I are doing in Congress to help small businesses and American workers.
I recently received the “2004 Small Business Advocates” award from the Small Business Survival Committee (SBSC), one of the nation’s leading small business advocacy groups. The award was presented to Members of Congress who demonstrated a commitment to America’s small business and entrepreneurial sector by voting in favor of key legislation important to their growth and survival. Key votes by the SBSC include: tax relief and business investment incentives, repeal of the death tax, health insurance affordability legislation including Health Savings Accounts (HSA’s) and Association Health Plans, measures that expand business access to overseas markets and efforts to maintain the affordability of our energy supply.
On May 28th 2003, President George W. Bush signed into law, the Jobs and Growth Tax Relief Reconciliation Act of 2003, alongside House Ways and Means Chairman, Bill Thomas and Senate Majority Leader, Bill Frist; leaders of this initiative in their respective bodies of Congress. This legislation will significantly cut taxes for all working Americans while providing incentives to employers, encouraging them to grow their businesses and create new jobs. For these reasons and more I was an immediate and steadfast supporter of this package.
This jobs and growth economic stimulus plan provides much-needed tax relief to individuals and business owners, including an average tax cut of $2,209 to 23 million small business owners to create jobs immediately, while generating long-term economic growth for the future. Our economy is once again growing and creating jobs after the lull left over from the Clinton-era recession. I commend the efforts of President Bush and the leaders in Congress for all they have done to jumpstart an economy that has been waiting for some commonsense stimulus.
Business owners will be pleased to know that the Jobs and Growth Package also includes the following relief:
Business and investment incentives
- Bonus depreciation. Increases bonus depreciation from 30 percent to 50 percent and extends through December 31, 2004.
- Small business expensing. For 2003 through 2005, increases the amount that small businesses can expense (immediately deduct) from $25,000 to $100,000. Increases definition of small business from $200,000 of capital purchases to $400,000. Both amounts are indexed for inflation in 2004 and 2005.
Dividends and capital gains- Dividend and capital gain tax rate reduction 5/15. For taxpayers in the lowest two tax brackets, reduces the tax rate on dividends and capital gains to 5 percent through 2007 and zero percent in 2008. For all other taxpayers, reduces the tax on dividends and capital gains to 15 percent through 2008.
You will also be interested to know that I have supported the following pieces of legislation that have been identified as top priorities to the business community:
- HR 8, The Death Tax Repeal Permanency Act of 2005
- I have been a steadfast supporter of death tax repeal and on April 13, 2005, I was proud to vote to permanently eliminate the immoral, business-destroying estate or “Death” Tax. The 2001 tax relief package gradually phased out the Death Tax by 2010, but it returns in 2011.
- HR 525, The Small Business Health Fairness Act of 2005
- I was also pleased to support legislation to create “associated health plans” allowing small businesses to band together and purchase health insurance through national associations at group rates. Of the 41 million uninsured Americans, 60 percent work for small businesses that cannot afford to offer them health care coverage.
- HR 1678 - Small Business Expensing
- In an effort to help small businesses grow, this legislation would allow small businesses to continue to deduct up to $100,000 in new investment per year through 2010.
I commend all the hard work and dedication small business owners and their families must endure in order to ensure the success of their businesses. Your businesses are the provider of jobs to many of our friends and neighbors and the supplier of goods and services to our families.
I have been proud to fight for New Jersey’s businesses and have been honored with the Spirit of Enterprise Award from the United States Chamber of Commerce and the Guardian of Small Business by the National Federation of Independent Businesses.
As an elected public official, I am committed to removing the obstacles for successful business practices as well as dedicated to having an economy that can provide jobs for all who seek them.
Related
Documents:
Press Release
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Small Business
8.9.2006
Press Release
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Small Biz Award
6.16.2006
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