RENACCI VOTES TO CUT TAXES FOR SMALL BUSINESSES04/19/12
Washington, DC—Today, U.S. Rep. Jim Renacci (OH-16) voted in favor of H.R. 9, “the Small Business Tax Cut Act.” If signed into law, the bill would allow small businesses to take a tax deduction equal to 20 percent of their active business income.
“Having worked in the private sector for 28 years, I understand the health of our entire economy is tied directly to the success of our small businesses,” said Rep. Renacci. “In Ohio there are almost 200,000 small businesses, and they employ more than 2.1 million people. They also create seven out of every ten new jobs in our state. This tax cut would go straight to their bottom line so they can retain more capital, invest in their businesses and – most importantly – hire more employees.”
The Act defines small businesses as those with 500 or fewer employers. The tax cut would be available to all businesses of that size, regardless of how they are structured. Independent analysis done by the Fiscal Associates group predicts over time the bill would yield $112 billion more in GDP, create 194,000 more small business jobs and lead to a more than 2 percent increase in business capital.
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.
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