Blumenthal Applauds Job-Creating Tax Cut As Good First Step

Press Release

Says "Even More Must be Done," Pushes Plans for Connecticut Businesses

Saying it's time to create more jobs here at home, U.S. Senate candidate Richard Blumenthal today praised President Obama's call for Congress to make the Research and Development (R&D) tax credit permanent, and Blumenthal repeated his aggressive push for this measure as part of a broader package of assistance to small businesses.

"I've been talking with small business owners and entrepreneurs across our state about specific, common-sense ideas for jump-starting small business growth in Connecticut," Blumenthal said. "I am pleased that the President is calling on Congress to implement some of these ideas, and I believe we should go even further to ensure that Connecticut businesses and workers have the tools they need to succeed."

Blumenthal noted that the President's proposal to permanently extend and expand the R&D tax credit, which creates incentives for businesses investing in research, would reportedly be financed by cutting tax breaks to corporations for moving American jobs overseas, and by curbing giveaways to big oil and gas companies. Blumenthal has repeatedly called on Congress to end these corporate deals, as well as adopt the R&D tax credit.

"Big companies receive billions in tax breaks to send their factories and their jobs overseas, and big oil and gas companies reap billions in wasteful and unnecessary subsidies. It's time to end these sweetheart deals and to start standing up for Main Street and the people of Connecticut."

Blumenthal's "Made in Connecticut" initiative promotes local industry and job creation. His plan includes:

· Ending the tax breaks that make it profitable for companies to ship jobs overseas;

· Promoting American-made products, including giving American firms a fair shot competing for government contracts;

· Ending China's currency manipulation that unfairly reduces the price of Chinese goods and puts U.S. companies at a disadvantage;

· Creating partnerships for better workforce training.

Blumenthal has also called on Congress to pass small business legislation that has stalled in the Senate, and to take additional aggressive steps to help these businesses, including:

· Expanding the R&D tax credit and making it permanent;

· Extending the payroll tax holiday for companies hiring new workers;

· Providing federal direct lending to small businesses through the Small Business Administration (SBA);

· Extending the protections from last year's landmark consumer credit card reforms to protect small businesses that use commercial credit cards;

· Expanding the Small Business Innovation Research (SBIR) program, which helps small, high-tech businesses in their early stages, and making it permanent;

· Significantly expanding the start-up deduction;

· Eliminating capital gains on certain small business stock held for at least five years.

"Small business owners need help. That's why I've proposed a broad set of measures designed to help these companies to grow and create jobs," Blumenthal said. "And that's why I'm running for the Senate to help make Washington work for Main Street and for the people of Connecticut."

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