July 24, 2008
Washington, D.C. -- At the invitation of Congressman Steve Chabot (R-Cincinnati), William Myles of Bridgetown gave testimony this morning before the House Small Business Committee on the effects that the economic stimulus package has had on local businesses. Mr. Myles serves as the Vice President and a member of the Board of Directors of Hamilton County's Western Economic Council.
“The Western Economic Council was founded twenty years ago as a non-profit economic development group,” said Myles, who runs a retirement planning firm. “Today our members represent nearly every aspect of life in the western suburbs of Cincinnati. As members, we voluntarily work to foster a greater economic and built environment for our region.”
Congressman Chabot with William Myles at the Small Business Committee Hearing
“In an effort to prepare for this hearing I asked our members a number of questions on the subject. Much was revealed after several dozen conversations. Consumer rebates are being used in every imaginable way. Recipients I spoke with are, respectively; paying bills, buying gasoline, buying a high definition television, going on a trip, investing in long term savings, or just putting the money on the side for a time when they may need it... and everything in between.”
Mr. Myles went on to say, “The owner of a home improvement company hesitated last year to buy additional equipment. This year is a different story. He will hire more people to use this new equipment because of the tax benefits to small businesses. He and others like him will be creating a recurring $1800 payment to newly hired workers.”
Congressman Chabot supported the bipartisan economic stimulus package. Almost 95 million checks totaling more than $86 billion have been sent to taxpayers including retirees living on Social Security, disabled veterans and widows of veterans. Many small businesses were eligible for tax relief for investments in equipment.
“The economic stimulus package returned billions of dollars to hard working American taxpayers,” said Congressman Chabot, who serves as the Ranking Member of the Small Business Committee. “In addition to these rebate checks, we also need a comprehensive approach to lower energy costs, more tax relief for working families, and a low tax, business friendly environment that helps create good-paying jobs.”
Myles also stated that members of the Western Economic Council believe that tax incentives can have a tremendously positive effect on their businesses. “They very much want you to know that continuing the tax incentives to small businesses is critical fuel for what has become the engine of the American economy,” he concluded.