Giannoulias Calls on Congressman Kirk to Explain Vote Against Small Businesses

Press Release

After repeatedly promising to help Illinois small businesses struggling in these difficult times, Congressman Mark Kirk yesterday voted against the Small Business Jobs and Credit Act of 2010 that would provide much needed tax breaks to help hire new employees and gain access to capital through a new loan fund.

"It's impossible to know which Congressman Kirk to trust -- the one who claims he will help Illinois small business owners with tax credits and access to capital, or the one who votes against tax breaks for small businesses and instead favors tax loopholes that reward large corporations that ship jobs overseas," said Democratic U.S. Senate nominee Alexi Giannoulias. "I am the only candidate in this race with a comprehensive plan to turn Illinois' economy around, create the jobs of tomorrow right here in Illinois and help our small businesses grow by providing them with a job creation tax credit."

Kirk's misleading record on fiscal issues is the focus of a new ad released today. Rather than supporting tax cuts for the middle class, Kirk voted against the broadest tax cut in American history and instead supported corporate tax breaks that reward companies that ship jobs overseas.

The new ad can be viewed by clicking here.

"Voters are sick and tired of politicians who say one thing to small business owners in Illinois and then go back home to DC and cast their vote to protect corporate profits," said Giannoulias. "I call on Congressman Kirk to explain his vote against small business tax cuts yesterday, and his series of votes protecting corporate tax loopholes that reward multinational companies that ship American jobs overseas."

The Senate's small business tax package includes more than $12 billion in various tax cuts for small businesses. The legislation creates the Small Business Lending Fund (SBLF). The Treasury will disburse $30 billion in capital to community banks, which they will use to provide loans to small businesses. The bill will also allow businesses to write off up to $500,000 in capital investments and 50 percent of the cost of new equipment. The legislation is fully offset by closing tax loopholes, increasing failure to file penalties, and changes to the government retirement plans to allow for greater flexibility.

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