Senate Passage of Tax Compromise a Step in the Right Direction

The Senate's passage today of the compromise tax package the president drafted with Congress, while not perfect, is a step in the right direction toward bolstering our small businesses and the economy as a whole. The compromise allows us to concentrate on other pressing issues facing America's 28 million small businesses, such as containing skyrocketing healthcare costs and helping entrepreneurs access the capital they need to expand and create jobs.

Despite the fact that the bulk of small businesses won't benefit from tax breaks on the upper income brackets, other provisions of the tax package are valuable to small employers in this fragile economy. These include the extension of the research and development tax credits, the temporary reduction in the payroll tax and the continuation of unemployment benefits, which will result in more disposable income for the majority of Americans who can pump that money back into small businesses.

It's now important for the House to follow suit and put this issue to rest before the end of the year. Congress' swift approval of this package is needed so small business owners can take advantage of the increase in revenues and potential for new job growth the legislation provides.