For Immediate Release
March 19, 2003
Jobs & Economic Growth Fact of the Day
23 million small business owners would receive an average income tax
cut of $2,042 under the President's jobs and economic growth plan.
Secretary Evans met with the Women's Business Enterprise
National Council in Washington, DC today to discuss the
President's jobs and growth plan with small business owners.
Provisions in the President's plan -- including incentives for
small businesses to grow, reductions in their tax burden and
the provision to eliminate the double taxation of dividends -
would enable small businesses to flourish and create more
Nearly 40 percent of America's small businesses are owned by
women. Small businesses represent more than 99 percent of all
employers nationwide, and employ more than half the private
work force. Small business entrepreneurs create more than two
out of every three new jobs and account for half of the
economy's private output.
The President is committed to creating an environment where
small businesses can flourish. Under the President's economic
plan, entrepreneurs will be able to devote more resources to
developing products, growing businesses, and hiring more
Current tax laws permit small businesses to write off as
expenses up to $25,000 worth of equipment purchases. The
President's plan would increase that limit to $75,000 and index
it to inflation - encouraging small businesses to buy
technology, machinery, and other equipment they need to expand and create new jobs.
The President's jobs and growth plan calls for the acceleration
of tax reductions enacted in the 2001 tax relief law that would
also benefit the Nation's small businesses. In fact, small
business owners would receive 79% (about $10.4 billion) of the
$13.3 billion in tax relief from accelerating the reduction in
the top tax bracket to 35%.
The President has urged Congress to move quickly and act on his
economic proposals to encourage our Nation's entrepreneurs, speed up
economic growth and generate new jobs for American workers.
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