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small business

small business

Weekly Recap 7.30.12 - 8.3.12

1y ago
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Hi, this is Congressman Canseco. This week in the House of Representatives, we passed on a bipartisan basis the Job Protection and Recession Prevention Act. This legislation would stop the massive tax hike set to take effect on January 1. Unfortunately, President Obama and his allies in Washington don't agree with this approach. Instead, they believe that we should prevent tax increases for some Americans by permanently raising taxes on American families and small businesses earning more than $250,000 a year. While President Obama claims that only the wealthy will be hit with his tax increases, nothing is further from the truth. These tax increases will hurt small businesses and destroy jobs, not something we need right now in an economy with an 8.3 percent unemployment rate according to the July Jobs Report. We are facing the worst unemployment crisis since the Great Depression; increasing taxes is not the answer. Now According to the non-partisan Joint Committee on Taxation, 53 percent of small business income will be impacted by these tax increases, and a study by Ernst and Young found that the President's tax increase would destroy more than 700,000 jobs. Last week, I visited with the owners of local San Antonio restaurant, Don Pedro's Mexican Restaurant,and the owners shared with me how the looming tax hike will hurt their business, it will forcing them to lay off employees and discontinue providing a scholarship for local high school graduates. Like most small businesses across America, it's not just the owners of Don Pedro's that will be hurt by a massive tax increase, but also their employees, their customers and the local community that benefits from the restaurant's generosity, made possible by its success. Now I've also heard from families in the 23rd Congressional District who have shared with me how the looming tax increases would negatively impact them. I've heard from the Harris Family from Rocksprings, TX who wrote in to my office and said "We are retired and live on a fixed income...we have educated four children and kept two grandchildren off of welfare for five years. Even a tiny increase in taxes will break our financial backs." We're not a tax increase away from an economic recovery, we're a tax increase away from an economic recession. If we are to get the economy turned around and creating jobs, we must ensure that the looming tax increases are stopped for all Americans. To find out more information about the issues I've mentioned, and to sign up to receive important updates from me, you can go to my website at Canseco.house.gov or visit my Facebook page at www.facebook.com/RepCanseco. Thank you and have a great weekend!