The Economic Growth and Tax Relief Act of 2001 cuts individual income tax rates across the board, providing tax savings to all hard-working Americans. Manzullo noted that a reduction in marginal tax rates is also good for small business because most small employers pay income taxes at individual rates.
Small businesses spur economic growth and employ half of our nation's workforce.
By helping small businesses, we help America. Speaking on the House floor Thursday, Manzullo referred to thousands of letters the National Federation of Independent Business has received in the last two days alone from small employers urging the marginal rate reductions. Manzullo cited one such letter in which the employer said he would use the tax savings to help purchase health insurance for his employees. Manzullo added that this is just the first installment of tax relief. Hard working Americans and small employers can expect more from President George W. Bush and Congress this year.