Ms. CHU. Did you know that small businesses create two out of every three new jobs? That's why we need a plan to invest in them and that's why I support the President's American Jobs Act.
It includes tax cuts for every small business. Businesses that hire workers who have been unemployed for 6 months or more get $4,000 off their tax bill; those that invest in machinery or equipment get to write off the whole expense; and the payroll tax cuts will save a small business with 50 workers approximately $50,000 a year, putting money in the bank for every mom-and-pop shop. The American Jobs Act will help small businesses do what they do best: create good jobs, drive innovation, and strengthen the middle class.
For small businesses, the economy, and Americans everywhere, let's pass the American Jobs Act now.