Jennifer Dunn: “Mr. Chairman, my State of Washington is home to thousands of entrepreneurs, and home to Microsoft--now an economic giant…”

“Mr. Chairman, my State of Washington is home to thousands of entrepreneurs, and home to Microsoft--now an economic giant but once launched by a pair of young entrepreneurs. We also have timber--an industry that once was robust and thriving, but now is facing difficult times. For too long, our Nation's entrepreneurs have been penalized by the tax policy of the United States. Since 1986, when the business capital gains rate was raised to 35 percent, venture capital financing has dropped by two-thirds--from $4.19 to $1.41 billion--and the number of firms receiving venture capital financing has declined every single year. Mr. Chairman, we must correct the current tax policy regarding capital formation. It we don't, we will be directly responsible when the next Microsoft never takes it off the ground. Failure to act could bankrupt 1,200 small timber businesses, who typically own 50 acres and have an income of less than $50,000. For them, the capital gains reduction is a life or death matter. These small timber firms alone represent more than 5,000 jobs threatened by high capital gains rates. Mr. Chairman, cutting taxes on capital is about jobs. Support capital formation, support entrepreneurs, support family businesses, and support more jobs for Americans.”