WASHINGTON, Sept. 9, 2011 /PRNewswire-USNewswire/ -- Rep. Nydia M. Velazquez (D-NY), the Ranking Member of the House Committee on Small Business, today wrote the Committee Chairman, Rep. Sam Graves (R-MO), calling for swift hearings on the "American Jobs Act," legislation the President outlined in an address to Congress on Thursday night.
The full text of Velazquez's letter is below.
* * * * *
September 9, 2011
The Honorable Sam Graves
Chairman House Committee on
2361 Rayburn House Office Building (RHOB)
Washington, D.C. 20515
Dear Chairman Graves:
I write to request that the Committee on Small Business swiftly hold hearings on the President's "American Jobs Act." This legislation correctly recognizes that America's entrepreneurs are vital to accelerating growth and creating the jobs that the American people so desperately need.
The tax cuts for job creators contained in the "American Jobs Act" would greatly benefit small companies facing significant cash flow problems, while incentivizing them to add workers to their payrolls. For small firms ready to grow and hire again, the small business hiring tax credit eliminates the employer's portion of the payroll tax for the wages of a new worker. Because small firms create 60% of new jobs this provision is targeted to the sector of the economy that will help reduce unemployment. It will reduce the cost of labor for small businesses, encouraging them to bring on new workers, while reducing the overall nation's unemployment rate.
At a time when capital purchases and demand for goods and services are low, small businesses need incentives to buy new goods. In that vein, the 100% write-off of for business purchases not only create incentives for firms to invest in their operation, but is an easy to utilize benefit that quickly puts cash into a small business owner's hands.
With many small companies in the construction sector, the President's plans for expanding investment in our nation's infrastructure hold great promise for small firms. Further, the benefits directed to firms that hire America's Veterans will enable many small companies and veteran-owned small businesses to offer employment to those returning from conflicts abroad.
These and other provisions in the "American Jobs Act" will directly affect the ability of America's entrepreneurs to create employment opportunities for millions of unemployed Americans. These proposals go to the heart of what the Small Business Committee is about and we have an obligation to consider them swiftly. We cannot afford to delay. This legislation deserves the Committee's prompt attention and I respectfully request that we take it up at the earliest possible opportunity.
Nydia M. Velazquez
CONTACT: Alex Haurek
SOURCE Representative Nydia M. Velázquez