National Federation of Independent Business also supports amendment
WASHINGTONU.S. Sen. John Cornyn a member of the Senate Budget and Finance Committees today introduced an amendment that was accepted into the fiscal year 2010 Budget Resolution by a bipartisan vote of 82-16.
His measure makes it more difficult for Congress to impose new and higher taxes on the American people especially small businesses and middle-class families by creating a point of order that would require or 60 votes in the Senate to pass legislation that increases income taxes.
I know that the almost 400000 small businesses in Texas that employ around 4 million people cannot afford higher taxes. Washington should support our small business owners not burden them with higher taxes. Passage of my amendment was a bipartisan victory for Americas small businesses.
It demonstrates that my colleagues recognize the importance of providing relief to small businesses and middle-class families. Im pleased they have joined me in sending a strong message that our small businesses the backbone of our economy must be protected from higher taxes" Sen. Cornyn said.
The National Federation of Independent Business (NFIB) has also voiced its support for Sen. Cornyns amendment citing the need to keep individual tax rates low in order for small businesses to succeed.
The Cornyn Amendment will allow small business owners to keep more of their own money to reinvest back into the business and create new jobs. Over the last decade small businesses accounted for nearly 70 percent of the net new jobs created and protecting small business capital from increased taxes will ensure that they have the resources they need to build a strong and lasting economic recovery" said Susan Eckerly NFIB Senior Vice President for Public Policy.
Background
Sen. Cornyn has offered this amendment twice before to the budget resolution. Last Congress Sen. Cornyns amendment was accepted into the Senates version of the budget resolution for fiscal year 2008.
The Senate passed the amendment by a bipartisan vote of 63-35 but Democrats stripped it out in the conference with the House of Representatives despite unanimous passage of a measure instructing the Senates negotiators to include it in the final budget.
Finally during consideration of the fiscal year 2009 Budget Resolution Sen. Cornyn again offered his amendment but got 58 votestwo short to overcome a procedural hurdle raised by the Democrats.
