Congressman Bob Latta (R-Bowling Green) voted today to help small businesses owners save, spend and reinvest more of their income by supporting the Small Business Tax Cut Act, H.R. 9. The legislation would provide small businesses with fewer than 500 employees a 20 percent tax cut. The legislation passed by a vote of 235 to 173.
"The Small Business Tax Cut Act is important for allowing business owners the ability to invest more of their own hard-earned money on their companies and workforce, rather than handing that hard-earned money to Washington," said Rep. Latta. "Cutting taxes will give companies the opportunity to expand and hire more employees. It’s estimated that the bill will benefit over 22 million small business owners across the country, including hundreds of thousands in Ohio, reducing their taxes by almost $46 billion."
"Regardless of the benefits this bill offers, President Obama has issued a veto threat denying any help to small businesses in Ohio who are in need of much needed tax relief. His approach hurts business competiveness and American workers," added Latta.
As of 2009, in Ohio, there are 189,099 small businesses with between 1 and 500 employees
employing 2,140,200 individuals.
Of the small businesses in Ohio with between 1 and 500 employees: 24,760 are women-owned and they employ 239,406 individuals.
The top three industries by employment:
• Over 353,000 employees in health care and social assistance
• Over 296,000 employees in manufacturing
• Over 246,000 employees in accommodation and food services