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Washington, D.C. -- Representative Donald M. Payne joined other Members of Congress today at a Small Business Forum held at the U.S. Capitol in Washington, D.C. New Jersey small business owners Gloria Bryant of the Writing Company in Newark and H. O’Neal Williams of Frye Williams & Company in Rutherford, also participated in the discussion of how federal policy affects small employers across the country.
"Democrats know that small businesses are big business in this country," Rep. Payne said. "They are the engine of America's economy, representing more than 95 percent of all employers, creating half of our gross domestic product, and creating three out of four of new jobs nationwide. I strongly believe that our government should help small business owners achieve their goals - not stand in their way. That's why I was pleased to join Gloria Bryant and H. O’Neal Williams at today's forum."
Rep. Payne led a discussion on challenges facing small businesses. He noted his support for a range of proposals to help small firms, including giving help to small manufacturers both though tax relief and the Manufacturing Extension Partnership; creating a new small business health care tax credit; fully funding the Small Business Administration; improving access to 7(a) loans; opening the $285 billion federal marketplace to small businesses; and putting the government on a “pay as you go” basis to restrain deficit spending that raises interest rates and restricts small firms’ access to capital.
In order to keep good jobs here in the U.S., Rep. Payne is a cosponsor of the bipartisan Rangel-Manzullo-Levin bill (H.R. 1769), to revitalize our manufacturing base by cutting taxes for U.S. companies. That proposal provides tax relief for small manufacturers, while the version being pushed by the Republican leadership leaves small business behind.
Under the bipartisan proposal backed by Democrats, companies with 100 percent domestic production, including all small manufacturers, would see their tax rate reduced by 10 percent - or up to 3.5 percentage points.
Rep. Payne is also a cosponsor of the Small Business Health Insurance Promotion Act (H.R. 4356), offered by Representative Max Sandlin (D-TX), which would create a 50 percent tax credit to help small businesses with the costs of health coverage. The bill also creates state and national multi-insurer pools to provide comprehensive and affordable health insurance choices to small employers and the self-employed, regardless of whether they receive the credit.
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