Senate Democrats

Reid: Democrats’ Small Business Tax Cut Would Encourage Hiring, Create Jobs

By Contrast, Republicans’ Plan Would Hand More Tax Breaks to “So-Called Small Business Owners Like Kim Kardashian and Paris Hilton”

Washington, D.C.Nevada Senator Harry Reid spoke on the Senate floor today regarding the Small Business Jobs and Tax Relief Act. Below are his remarks as prepared for delivery:

My Republican colleagues talk a good game on taxes.

But Democrats’ record of cutting taxes for small businesses speaks louder than Republican rhetoric.

Since President Obama took office, Democrats have cut taxes for small businesses 18 times.

And today we’ll advance a plan to cut taxes for small firms for the 19th time in just three and a half years.

The Small Business Jobs and Tax Relief Act would put money back in the coffers of true job creators.

Under our plan, business owners who hire new workers or give raises to current employees would get a 10 percent tax credit.

Our legislation would also cut taxes for firms that invest in new equipment, allowing more than 2 million businesses to grow faster.

These two proposals will create almost a million new jobs.

And economists from across the political spectrum agree this is the most efficient way to give the economy a badly-needed boost.

So if my Republican colleagues want their records to match their rhetoric, they’ll end their filibuster of this worthy measure.

And they’ll vote to support the real job creators – businesses that grow and hire.

Unfortunately, while Republicans agree we should cut taxes, their approach is completely different.

Congressional Republicans want to lavish huge, across-the-board tax breaks on billionaire hedge fund managers and mega-rich celebrities like Donald Trump.

Unlike our proposal, the Republican plan, which passed the House, wouldn’t do a thing to encourage hiring.

More than 99 percent of businesses in America would qualify for this extravagant tax break – even if they didn’t create a single new job or raise wages for one solitary employee.

In fact, fabulously rich so-called “small business owners” like Kim Kardashian and Paris Hilton could qualify for these wasteful giveaways.

Even though three-quarters of Americans oppose more tax breaks for wealthiest few, nearly half the benefits of this $46 billion Republican proposal would go to millionaires and billionaires.

Democrats want to cut taxes for small businesses – but the Republican alternative is simply the wrong way to do it.