The Hill
By Rep. Charles W. Boustany Jr.
March 16, 2010
“Today, nearly 1 in 10 Americans who want to work still cannot find a job. The recent economic downturn erased the certainty many families came to rely on, and they now turn to Washington for solutions. Unfortunately, a healthcare overhaul with new mandates, an energy tax that will drive up input costs and a massive tax code full of quirks and loopholes add to their doubts. Threats of higher costs and more regulation from Washington stifle job creation by entrepreneurs, innovators and small-business owners. To create jobs, Washington must get serious about passing comprehensive tax relief and expanding business opportunities in global markets….
America’s job creators suffer under a tax code that is too complex, too expensive and fails to provide the stability employers need to hire and grow with confidence. The IRS estimates small-business owners spend nearly 1.8 million hours and upwards of $17 billion a year to comply with ever-changing tax laws.
Congress holds employers of all sizes hostage each year as lawmakers haggle over extending tax incentives critical to business decisions like hiring and investment. Certainty in our tax system will spur job creation and encourage taxpayers to work, save and invest.
An important first step must be making the 2001 and 2003 tax relief measures permanent, including marginal rate reductions and capital investment incentives that create jobs by promoting long-term growth. Small businesses rely on these tax cuts to provide necessary capital to expand, hire new workers and compete globally. Without this capital, small companies can be paralyzed.
The nonpartisan Congressional Budget Office estimates the economy will grow faster if Congress extends all of the 2001 and 2003 tax reforms. Yet, President Barack Obama plans to let tax relief expire this year. This directly hurts small businesses — which created 80 percent of the new private-sector jobs in the down economy.
Congress should also pursue additional growth-oriented tax policies to put Americans on fair footing abroad. Lowering corporate tax rates will help U.S. businesses compete in fast-growing world markets and increase foreign investment within our own borders, putting Americans back to work…
Creating new, long-term American jobs requires ending uncertainty from Washington and unleashing our creative genius. The world will simply not wait for us to wake up and realize the opportunities that exist.”