Max Baucus: “Mother Teresa once said, ``Be faithful in small things because it is in them that your strength lies.'' Small businesses…”

“Mother Teresa once said, ``Be faithful in small things because it is in them that your strength lies.'' Small businesses matter; they are the store fronts in our main streets; they are the idea creators in our technology sector; and they are the employers of our people. In Montana small businesses matter even more, since small firms make up 97.6 percent of our employers and create almost 70 percent of the private-sector jobs. We know small businesses are hurting because we see the job numbers. True, unemployment rates are holding steady, but we need to do better. Monthly job growth hit its highest point in 20 months in January, creating 275,000 new jobs. But job growth slowed substantially to 77,000 in April and 69,000 in May--its lowest point since May of last year--and 80,000 in June. Similarly, U.S. GDP grew by 3.0 percent in the fourth quarter of 2011 but has slowed to 2.2 percent for the first quarter of 2012. We need to give businesses the boost they need to take the risk in hiring that additional employee or investing in that additional piece of equipment. The Small Business Jobs and Tax Relief Act introduced by Senator Reid does just that. It gives businesses a 10-percent tax credit for increased payroll, allows businesses to write-off 100 percent of their business purchases made this year, and expands the ability of businesses to claim an AMT credit in lieu of bonus depreciation.…”