|We’ve taken steps to help those who have lost their jobs and help businesses grow by extending unemployment insurance and passing legislation like the HIRE Act. We built on that recently by passing the Small Business Jobs and Credit Act. This bill cuts taxes for small businesses and gives them increased access to capital so they can grow and put more Nevadans back to work.
We have also passed eight different tax cuts for small businesses, and the federal government has supported more than 70,000 new small business loans. We gave small business owners a tax credit to help them afford health insurance for their workers. We created a tax exclusion of up to 75 percent of the gain on the sale of small business stock. We’ve also increased the limits on small businesses’ ability to immediately write-off investments and allowed companies to carry back operating losses for up to five years to recoup prior years’ taxes.
I previously mentioned the HIRE Act, which is already paying off for Nevada. According to the U.S. Treasury Department, nearly 70,000 Nevadans have been hired in the spring and summer by companies that qualify for the HIRE Act benefits. That law exempts from the 6.2 percent payroll tax wages paid to a previously unemployed worker and gives the employer a $1,000 income tax credit for each such worker who remains on the payroll for at least one year.
Another important step to get relief to Boulder City families is to extend tax cuts for the middle class. The Recovery Act cut taxes for 95 percent of Americans, but we need to continue to provide relief to families to help them buy essentials like groceries, school supplies, and clothes for their children, and college tuition. We can extend the $1,000 per child tax credit, lower income tax rates, and pass relief from the marriage penalty.
By supporting working families we will help rebuild Boulder City’s economy.
Contact Harry Reid at http://reid.senate.gov/