A 10 year long recovery? (Rep. Paul C. Broun)

The good news is I, along with my Republican colleagues, have gathered several ideas from small business owners that would create jobs immediately.  First, we must do no more harm.  At the end of this year, small businesses will be hit hard with the largest tax increase in American history.  I’ve heard from numerous small business owners in the 10th District who explained they will not hire more employees because Washington has failed to eliminate the uncertainty for how this tax increase will affect them.  Small businesses create over 70 percent of new jobs in America, and if we only increase taxes on the top two percent, small businesses will still be responsible for picking up half of the tab.  In fact, according to the Heritage Institute, the tax increase could cost Georgians over 27,000 jobs.

Merely stopping the tax increase is not enough.  Businesses are struggling today, under the current tax laws, to create jobs.  We must provide additional incentives, such as those proposed in my JOBS Act and “A Pledge for America.”  The JOBS Act proposes a two year moratorium on capital gains and dividend taxes and a 50 percent reduction on self-employed, payroll, and corporate tax rates.  The Pledge also allows small business owners to take a tax deduction equal to 20 percent of their business income. If we want businesses to create jobs, we must allow them to keep more of their hard earned money so they can afford to keep and create new jobs.  We have already wasted almost two years trying to spend our way to a recovery.  We cannot afford to wait another day.