Cliff Stearns: “I am speaking on behalf of small businesses, owners and employees, in this time of economic downturn. The key to…”

“I am speaking on behalf of small businesses, owners and employees, in this time of economic downturn. The key to President Bush's economic package is to provide jobs to Americans who desire to work. The plan will provide a great boost to small businesses, which create 70 percent of the jobs, or two out of every three jobs. One of the most significant weaknesses in the present economy is the low level of business investment. The President's plan will triple write-offs for business equipment from $25,000 to $75,000, will reduce the cost of capital, and help these enterprises grow. There is a current phase-in schedule that will reduce the income tax paid by small businesses. This plan will speed these reductions up and make them immediately. All of the components of the President's package put together are projected to return an average of over $2,000 to 23 million small business owners this year. The Council of Economic Advisors projects that the President's plan will create 10,000 new jobs in the second half of 2003, 890,000 jobs in 2004, and an increase of 1.4 million jobs in just 18 months. Private sector analyses reach similar conclusions. The sooner Congress acts, the better it is for small businesses.”