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Last week by a vote of 209-210, with Speaker Pelosi casting the deciding vote, House Democrats voted to adjourn Congress, sending Members home, without stopping a massive $3.9 trillion tax increase that will affect every American. By putting politics before the American people, the Majority in Congress has voted to keep the threat of looming tax increases and the cloud of uncertainty they have created hanging over our economy.
In just three months, the largest tax increase in history is set to take effect, imposing unprecedented tax increases on small businesses and their employees who are already struggling to make ends meet. With 94 percent of small businesses expecting to see their tax bills increase this spells more bad news for our struggling economy.
More than 90 percent of all American employers are small businesses and they generate approximately 70 percent of the new jobs created in the United States each year. Small businesses are crucial to the American economy and account for a significant majority of new product ideas and innovation. Small business owners across the country want to invest in their firms and hire new workers, but instead they are bracing for costly new tax increases.
The difference between certainty and uncertainty for businesses is the difference between a thriving and stagnant economy. The first thing we must do is remove barriers to employment including the threat of higher taxes. It is common-sense that you should not raise costs and taxes on employers at a time when unemployment is so high.
It is critical that Congress abandon its job-killing, tax-and-spend policies and instead focus on real solutions that will create jobs, putting Americans back to work and restore economic prosperity to our nation. Last week House Republicans released our “Pledge to America”, a new governing agenda with our ideas for policies that we can and should implement starting right now to get our country back on the right path. A central them of the Pledge is ending the uncertainty that is plaguing small businesses, the economic engine of our nation. House Republicans are committed to permanently stopping all job-killing tax hikes and giving small business owners an immediate tax deduction to help them with new hiring and capital investment.
The last thing our economy needs is crushing tax increases. Instead Congress must focus on policies that allow individuals and businesses to keep more of their hard-earned tax dollars, which would encourage investment and job creation at America’s small businesses. Most importantly Congress must send a clear message to our nation’s job creators that they can hire new workers with the confidence that a higher tax bill is not on the way.
To contact me about this or any other matter, please visit my website at www.goodlatte.house.gov.