U.S. Rep. Randy Hultgren, R-Winfield, issued the following statement after voting for H.R. 9, legislation cutting taxes on small business owners:
“Small businesses are the engines of our economy, and today the House of Representatives voted to cut their taxes so that they can expand and hire,” said Hultgren. “Cutting the tax burden for small businesses by 20 percent will help 22 million small business owners, including almost one million in Illinois alone. In the Land of Lincoln, more than 145,000 small business jobs were lost between 2008 and 2009, and today’s tax cut will help bring some of those jobs back.”
Local businesses would benefit directly from H.R. 9; the 20 percent tax cut would help them expand their businesses and hire workers.
“The bill passed by the House would have immediate real world effects for Auto Meter, and would save our company over $500,000 on our federal tax bill,” said Kent Alcott, Chief Financial Officer of Auto Meter Products, based in Sycamore, Illinois. “These savings would enable us to make a multi-million dollar investment in an expanded product line, and would also allow us to hire additional employees. I’m glad that Congressman Hultgren and others in Congress voted for this, it’s exactly what small businesses need to grow and hire.”
“Today’s tax cut is also exceptionally timely, given that a recent survey from the National Federation of Independent Business found that small business owners are less optimistic about the future,” said Hultgren. “I have heard from small business owners across the 14th District that their optimism – and their plans for future growth – is based in part on the prospects for lower taxes and a reasonable regulatory regime. As we have proven again today, House Republicans are committed to cutting taxes and red tape, giving small businesses the certainty they need to put Americans back to work.”
More information on the NFIB survey is available here; additional statistics regarding H.R. 9’s impact on Illinois can be found here.