For Immediate Release: 7.25.2012
Senate Gets Behind Small Business by Voting to Extend Middle Class Tax Cuts
By voting today to extend tax cuts for Americans making less than $250,000 annually, Senators kept in place an important benefit for small business owners struggling to grow, hire or even just meet payroll. A vast 97 percent of American entrepreneurs make less than $200,000 annually. Extending the tax cuts would help these Main Street job creators save money so they can grow their businesses, and with them, the economy.
Some lawmakers have portrayed this as a tax increase that will endanger our primary job creators because it ends tax breaks for earners with income greater than $250,000 a year. In reality, middle class Americans run the vast majority of small businesses in the U.S.—and tax breaks for the rich leave these individuals at a disadvantage, which our polling makes evident. In fact, a majority of them support ending upper-income tax cuts for those with annual household income exceeding $250,000.
We are pleased lawmakers in the Senate put the good of small business over politics today when they voted to extend tax cuts for the middle class, and we hope the House of Representatives follows suit. Entrepreneurs are among the countless individuals who stand to benefit from a one-year extension of these tax cuts, which is why keeping them in place will help ensure their continued success.
Small Business Majority is a national small business advocacy organization, founded and run by small business owners, to support America’s 28 million small businesses. We conduct extensive opinion and economic research and work with our rapidly growing network of small business owners across the country to ensure their voices are an integral part of the public policy debate. Learn more about us on Wikipedia and follow us on Twitter and Facebook.