Issue Position: Small Business
Issue Position
Small businesses have always been the true engine of economic growth in challenging times and have helped power the country out of every recession in our history. Unfortunately, small businesses are suffering from an uncertain economic climate, an overly complex tax code, and the accelerating cost of health benefits. They are also having difficulty accessing the capital needed to make new hires and invest in new equipment. Large businesses and banks maintain huge cash reserves, but are waiting to see a consistent economic recovery before investing in workers and small businesses again. By enacting tax and regulatory relief, as well as improving access to capital for small businesses, we can help small businesses lead our way into a sustainable and lasting recovery.
Looking for common sense approaches to help small businesses grow and add jobs again, Congressman Schiff has supported legislation to enact tax deductions that can be used for start-up expenses, eliminate payroll taxes for new hires, and to do away with capital gains taxes for the purchase of small business stock. As a cosponsor of President Obama's American Jobs Act that was presented to Congress in September 2011, Schiff has pushed for immediate Congressional action to solve the jobs crisis. Through temporarily cutting payroll taxes on small businesses, allowing businesses to deduct investments in new plants and equipment and investing in America's decaying infrastructure in the form of new schools, mass transit, and revitalized neighborhoods, the American Jobs Act held the promise of being a good start towards getting the nation back on track. Despite having bipartisan support in past and being fully paid for, the policies in American Jobs Act were not supported by the Republican majority and little to no action was taken. Undeterred, Schiff continues to push for small business support and relief so they can once again serve as the cornerstone to lifting our nation out of economic hardship.
Schiff also supports the extension of the Bush-era tax cuts to provide certainty to 98 percent of Americans and 97 percent of small businesses. He has sponsored H.R. 15, which would extend tax cuts for all Americans on income up to $250,000.
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