Mr. Speaker, I rise today to speak in support of the President’s American Jobs Act because America’s small businesses need this legislation now to grow and hire new workers.
Creating jobs and strengthening the economy is my highest priority and I strongly urge this Congress to remain focused on these goals because they are the most pressing challenges facing Americans today. I know President Obama is 100 percent committed to creating jobs and I stand with him today in support of the American Jobs Act for the help it will bring to American small businesses.
The President’s American Jobs Act will cut the payroll tax in half for 98 percent of small businesses. These tax cuts will help over one hundred thousand African-American owned small businesses nationwide and countless other non-minority owned business. The nonpartisan Congressional Budget Office estimates that the cutting the employer payroll tax is one of the most effective job creating measures Congress can take and this effort has been supported by Republicans and Democrats alike.
In addition, the president’s proposal will completely eliminate payroll taxes for businesses that add new workers or increase wages of existing wages. This incentive is directly targeted to encourage small businesses to hire new workers and enjoys bipartisan support.
These tax incentives and tax reductions for American small businesses are common sense proposals to create jobs and strengthen our economy. I urge my colleagues on both side of the aisle to put partisan politics aside and stand with President Obama in his efforts to pass this legislation now because American families and small businesses need jobs now.
Thank you.
