Washington, D.C.—Today, the Job Creators Network (JCN) praises the passage of the House’s Tax Cuts and Jobs Act—legislation that will reduce the tax burden on our country’s largest job creators. More specifically, the plan establishes a new 25 percent tax rate for small businesses, as well as a 9 percent rate for very small businesses for the first $75,000 of income. It also doubles the standard deduction to $24,000 and allows for the immediate expensing of equipment and other capital goods needed to expand and operate a successful business.
The passage follows weeks of JCN’s multi-million dollar campaign aimed at passing tax cuts for small businesses and hardworking taxpayers by the end of the year. As part of the push, JCN collected 174,000 petition signers, which represent more than 500,000 letters written to Congress in support of tax cuts, and presented them to Speaker Paul Ryan and other members of congressional leadership. Watch a highlight video of the event here.
Alfredo Ortiz, JCN President and CEO, released the following statement:
Today’s House passage of tax cuts marks a major step in the fight to pass small business tax cuts that will give our country’s entrepreneurs the ability to hire more people, raise wages, and invest back into their communities. This vote gives us the momentum, but doesn’t mean the fight is over. We need to keep the pressure on until a bill makes it through the Senate and onto the President’s desk. Small businesses and their employees don’t have the luxury of time, they need tax cuts and they need them now. Let’s make sure our lawmakers in Washington give it to them.