[Congressional Record Volume 149, Number 76 (Wednesday, May 21, 2003)]
[House]
[Page H4372]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          HELP SMALL BUSINESS

  (Mr. STEARNS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. STEARNS. Mr. Speaker, I am speaking on behalf of small 
businesses, owners and employees, in this time of economic downturn.
  The key to President Bush's economic package is to provide jobs to 
Americans who desire to work. The plan will provide a great boost to 
small businesses, which create 70 percent of the jobs, or two out of 
every three jobs.
  One of the most significant weaknesses in the present economy is the 
low level of business investment. The President's plan will triple 
write-offs for business equipment from $25,000 to $75,000, will reduce 
the cost of capital, and help these enterprises grow. There is a 
current phase-in schedule that will reduce the income tax paid by small 
businesses. This plan will speed these reductions up and make them 
immediately.
  All of the components of the President's package put together are 
projected to return an average of over $2,000 to 23 million small 
business owners this year. The Council of Economic Advisors projects 
that the President's plan will create 10,000 new jobs in the second 
half of 2003, 890,000 jobs in 2004, and an increase of 1.4 million jobs 
in just 18 months. Private sector analyses reach similar conclusions.
  The sooner Congress acts, the better it is for small businesses.

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