Latest job creation report/outlook for JOBS Act passage
Sen. Chuck Grassley, chairman of the Committee on Finance, has been the Senate's primary Republican author of job-creating tax relief legislation over the last three years. In June 2001, the President signed legislation Grassley co-authored that lowered individual tax rates, provided relief from the marriage penalty, expanded the child tax credit, provided enhanced incentives for retirement security, and increased education incentives. In May 2003, the President signed an economic growth package, which Grassley also co-authored, providing new tax relief for families, small business owners, and individual investors. Last month, Grassley presided over Senate passage of the bipartisan Jumpstart Our Business Strength (JOBS) Act, which is meant to head off billions of dollars in "Euro tax" trade sanctions on U.S. manufacturers and agricultural producers. The sanctions already are hitting a long list of U.S. employers and will increase if Congress delays passing this legislation.
The JOBS Act cuts taxes for U.S. factories, sole proprietors, partnerships, farms and small businesses that create jobs, reforms and simplifies international taxes for U.S. companies operating overseas, and contains the biggest reforms in decades to shut down abusive tax shelters.
Grassley made the following comment on today's positive job creation report from the Labor Department's Bureau of Labor Statistics and the outlook for JOBS Act passage.
"Job creation is very good news. People have to provide for their families. They need not only jobs, but quality jobs that are part of careers. The more jobs available, the more choices they have to advance, especially when employers are in a good financial position to train workers. This growth is evidence of a presidential administration and a congressional majority willing to reduce the tax burden on individuals and small businesses, which create most jobs.
"But we can't rest on our success. For example, we have to pass the JOBS Act immediately. For every month we delay enactment, the sanctions on U.S. exports to Europe increase. It's great news that the House is well on its way toward passing a companion bill. Chairman Thomas is releasing his bill today, with committee consideration next week and full floor consideration the week after that. If this timetable holds, we should get a final bill on the President's desk before the August recess. I'm looking forward to House passage and to going to conference. It's likely to be a long conference, since the differences between the House and Senate bills are expected to be significant, and since leaders from both parties and both chambers are likely to have a long list of priorities to consider including in the bill. But I'm willing to put in as many hours as necessary to get a bill to the President and get this burden off of America's employers."
