Washington, DC — Congressman Charles K. Djou released the following statement after signing onto the Small Business Assistance and Relief Act:
BY CONGRESSMAN CHARLES DJOU, R-HI – Winston Churchill once remarked: ‘For a nation to try to tax itself into prosperity is like a man standing in a bucket trying to lift himself up by the handle.’ Mr. Churchill was right. The American people know that we cannot tax and spend our way to a growing economy.
After record spending, deficits and debt, the majority in Congress is poised to allow the largest tax increase in American history to occur. Raising taxes in the middle of an economic downturn will hurt small business owners—the engine of our economy.
What businesses, small and large, need is certainty out of Washington, D.C. They need to know that their taxes aren’t going to be hiked.
To stimulate the economy and help small businesses, I am proud to join my colleagues in co-sponsoring the Small Business Assistance and Relief Act. Whoever is in the majority—whether Democrats or Republicans—we need fiscal responsibility in Washington, D.C. and tax relief for every working family and small business to get our economy moving again.
H.R. 5554, the Small Business Assistance and Relief Act, will help small businesses thrive by providing tax relief, reducing regulatory burden and boosting lending in the currently tight credit environment.
— U.S. Unemployment Rate was 9.7% in May 2010.
— Small businesses have generated 64 percent of new jobs over the past 15 years.
— Very small firms with fewer than 20 employees annually spend 45 percent more per employee than larger firms to comply with federal regulations.
— Small firms spend four and a half times as much per employee than larger firms to comply with environmental regulations.
— Small firms spend 67 percent more per employee on tax compliance than their larger counterparts