[Congressional Record (Bound Edition), Volume 157 (2011), Part 8]
[Extensions of Remarks]
[Page 11769]
[From the U.S. Government Publishing Office, www.gpo.gov]




          INTRODUCING THE ENTREPRENEURSHIP TAX CUT ACT OF 2011

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                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Thursday, July 21, 2011

  Mr. PAUL. Mr. Speaker, I rise to introduce the Entrepreneurship Tax 
Cut Act of 2011. This bill allows Americans to make penalty-free 
withdrawals from accounts such as Individual Retirement Accounts (IRAs) 
or 401(k)s in order to start, or invest in, new businesses. People who 
make these penalty-free withdrawals will be able to replenish their 
accounts.
  One reason unemployment rates remain so high is that entrepreneurs 
are unable to obtain the capital they need to create new businesses and 
new jobs. Clearly, the policy of throwing billions of taxpayer dollars 
at big banks and allowing the Federal Reserve to shovel billions more 
into bank coffers has not succeeded. Congress must come up with 
innovative ways to ensure entrepreneurs and investors can raise the 
funds to start new businesses and put Americans back to work. Letting 
Americans use more of their money to start new businesses is a common 
sense solution to the unemployment problem. Therefore, I urge all my 
colleagues to help budding entrepreneurs and venture capitalists build 
new businesses and create the jobs of tomorrow by cosponsoring the 
Entrepreneurship Tax Cut Act.

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