Murphy Touts His Small Business Tax Agenda
Press Release
Murphy Touts His Small Business Tax Agenda
DANBURY, CT - Today, Congressman Chris Murphy (CT-5) came to JK's Diner in Danbury to announce that this month he will be introducing legislation to provide additional tax relief to small businesses. Since taking office in January, Murphy has been working to cut taxes - earlier this year, the House of Representatives passed and the President signed several small business tax cuts that Murphy supported. Prior to the press conference, Murphy held a roundtable discussion with members of the Danbury Chamber of Commerce and community residents to ask for their input on several provisions that could be in the Murphy small business tax cut plan.
"When I meet with business leaders across the Fifth District, I hear the same thing over and over again - the cost of doing business in Connecticut is too high. Federal tax policy changes could help alleviate some of the pressure these small businesses feel, and I want to help them succeed. I came to Danbury today to listen to what people here need in order to keep the economy of the greater Danbury area on track," said Murphy.
This month, Murphy plans to craft his own small business tax cut package that could include provisions to allow deductions for state and local general sales taxes, expand the research and development tax credit, extend the new markets tax credit, increase access to capital for entrepreneurs, and simplify tax filing for small businesses.
"Congress isn't finished cleaning up the mess left in previous years when it comes to our tax priorities. Small businesses deserve a better deal than what they are getting now, and I hope to craft a tax cut plan that helps businesses across the Fifth District," said Murphy.
This year, Murphy has already supported a $4.84 billion small business tax relief plan. The package was approved by the House and Senate and signed into law by President Bush as part of the Iraq Supplemental Appropriations bill. This bill:
Extended Section 179 Small Business Expensing, which will let small business owners buy and write off more equipment each year for use in their trade or business.
Ensured married couples who jointly own a small business both receive credit for paying Social Security and Medicare taxes.
Included an enhanced tip credit to ensure employers don't lose current tax benefits when the minimum wage goes up.
Contained "S-corp" provisions to ensure small businesses keep the tax benefits of being a small business, even as they grow and expand.
Provided tax incentives to help businesses rebuild and supports construction of low-income housing in areas hit by Hurricanes Katrina, Rita, and Wilma
Extended the Work Opportunity Tax Credit (WOTC) through August of 2011. The WOTC supports businesses who hire economically disadvantaged workers such as disabled veterans.
"I was proud to support these tax breaks, but I see this victory as only the beginning. That is why I am working on a tax plan to do more for small businesses so that they can stay in business and grow," said Murphy.
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