Sam Graves: “I rise today in opposition to the amended version of H.R. 5297, the misleadingly named Small Business Jobs and Credit…”

“I rise today in opposition to the amended version of H.R. 5297, the misleadingly named Small Business Jobs and Credit Act. We have again missed an opportunity to help small businesses around the country that are in desperate need of less regulation and of more certainty about the future. This legislation has three basic parts: It has a $30 billion government bailout provision with no guarantee that the funds are actually going to go to entrepreneurs; Another part is it has a slew of major changes to the Small Business Administration programs that actually discourage job creation; Third--and this is the one that amazes me the most--it has a tax component that combines some very limited small business benefits with even bigger penalties on the dreaded 1099 reporting mandate in the health care law. To better explain that last part, during the month of August, when I went around and listened to small businesses and to some of the problems that they are having, one of the biggest complaints I heard about was this 1099 reporting for small business with any purchase of over $600 or more. In this bill, it increases the penalties on reporting for that.”