Political Quotes

“Mr. President, I wish to speak in support of the Main Street Fairness Act, which will help to create tax parity for passthrough companies, the significant majority of which are small businesses. I was very pleased to be joined by my friend and colleague from Florida, Senator Nelson, in introducing this bipartisan bill. Small businesses are our Nation's job creators. According to the Small Business Administration, small businesses employ more than half of all workers and have generated two-out-of-three net new jobs since the 1970s. Small businesses also make an outsized contribution to our Nation's economy, generating half of our Nation's GDP, 54 percent of all U.S. sales, 41 percent of private sector payroll, and one-third of our Nation's export value. Their success is critical to the health of our economy. Unfortunately, our Nation's small businesses face a higher tax burden that affects their ability to compete with large firms in the marketplace. In fact, a recent survey by the National Federation of Independent Business, NFIB, found that concerns about Federal taxes on business income ranked third on the list of the top 10 problems facing small businesses. Nearly all of our Nation's small businesses are organized as passthroughs, meaning that their profits are passed on to their owners and reported on individual income tax returns.…”