Dave Camp: “I agree with much of what some of the speakers have said today about the importance of small business and the job…”

“I agree with much of what some of the speakers have said today about the importance of small business and the job creation that small business has been responsible for. You can see statistics where 80 percent of the job creation in recent years has been because of small business. Certainly, if we're going to recover as an economy, small business will lead the way, and needs to recover. And we've seen over the past few years the way small business has been organized. Increasingly, they're pass-through entities. The vast majority of small businesses are pass-through entities. So what does the majority do? They pass a small business bill that doesn't apply to the majority of small businesses. This provision here, which is the bulk of the bill that excludes capital gains on the sale of certain small business stocks, only applies to qualified small businesses. Well, what is a qualified small business? A C corporation. That's how most large businesses are organized. So this bill won't do anything. Again, while we have record debt, the largest in the history of this country, well over $13 trillion and an estimate from the Treasury Department that, in 2015, the debt will exceed the size of the entire economy of the United States for the first time in history--before we spend taxpayer dollars, we ought to do it in a way that's effective.”