WASHINGTON — Congressman Bart Gordon voted Thursday to spur economic growth and create new jobs by establishing tax cuts and opening up capital for American small businesses.
The Small Business Jobs Act increases lending to millions of small businesses, and offers 8 new tax incentives to companies to expand and hire. It also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas.
“Small businesses employ 95 percent of Tennessee’s private workforce and fuel our national economy,” Gordon said. “With tax cuts and access to more capital, our small businesses will be able to resume hiring and put more Americans back to work.”
The Small Business Jobs Act will help America’s 27 million small businesses create new jobs and grow with $12 billion in tax cuts. The bill would leverage up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. The Small Business Jobs Act takes another step to end job outsourcing by ending tax incentives for companies that ship jobs overseas. The bill is also fully paid for and will not put any pressure on the deficit.
Gordon has championed a number of projects in the past year aimed at creating jobs and stimulating Tennessee’s economy, including Recovery Act construction projects, loans to local manufacturers, and investments in training and education for the high-demand science and technology sectors.
“Bringing new jobs to Tennessee and improving our local economy has been my number one priority,” Gordon said. “This bill creates an estimated 500,000 jobs nationally and doesn’t add a dime to the deficit.”
The Small Business Jobs Act is supported by the U.S. Chamber of Commerce, the National Small Business Association, Small Business Majority, National Retail Federation and the Independent Community Bankers of America.