Well, I thank the gentlelady for yielding and organizing our little get-together tonight, and I have to tell you it's been a wonderful opportunity to serve as a freshman Member of Congress, not only with our good Republican Members who are…
Well, I thank the gentlelady for yielding and organizing our little get-together tonight, and I have to tell you it's been a wonderful opportunity to serve as a freshman Member of Congress, not only with our good Republican Members who are here taking some time on the House floor tonight, but even with some of the Democrat counterparts who have been trying to work on a bipartisan basis. I think a lot of us, to be honest, are frustrated with the leadership around here that doesn't necessarily give us the opportunity to offer amendments, to offer change that Washington in particular I think really does need, the American people more than anything really need right now.
You mentioned small business earlier. I have to tell you, one of my observations here after being a freshman Member, not only being away from family, spending time away from family, but the frustration of trillions of dollars of new spending, driving up the Federal budget deficit at an alarming rate and the Federal debt at an alarming rate.
But it's really a lack of focus on small business. Think of it. Seven to eight of every ten new jobs comes from small business. That is really the engine of economic growth in this country.
Rightfully so, the new administration and this Congress wanted to focus on a stimulus package to help the economy. Unfortunately, I think we really missed an opportunity to help small businesses.
I held some small business roundtables in my district and, boy, some of the stories I heard from those folks were a little bit alarming. One gentleman in particular said he basically felt that high taxes were the hindrance. High taxes were the hindrance to his continued economic growth. He's been forced indefinitely now to delay a multimillion- dollar project.
Another gentleman that came to that small business roundtable, he told me specifically that small businesses should be able to save more of their money for a rainy day. And they're all going through a rainy day right now, like a lot of the American public is going through, unfortunately. But the tax code penalizes them for doing that, so we're not helping small business.
There's one other gentleman who owns a company. He basically was frustrated that the credit markets are hurting his ability to get additional capital. If he could just get a couple more hundred thousand dollars of credit from a community bank, from a bank of some sort, he could hire some more people. He's been hiring brand new employees that have never been employed in the workforce before. So he has got some good success stories to tell. We want to keep that going, however.
So, as a member of the Financial Services Committee, I have been frustrated because it seems all of our discussion here in Washington is about too big to fail; how are we going to help all these big companies. But how are we going to help small business? That's where we really, I think, have to focus our time and attention, because if we're going to pull ourselves out of this economic recession, we have to help the small business owner down the road because that's the person who has put in all the risk, all their individual capital, the entrepreneurship, that spirit of America that founded this country. That's where I think we really need to have our effort going forward.
And you think of the problems we have seen lately with the government now buying the large auto companies and having a stake--60 percent ownership that the taxpayers who are watching us tonight now own General Motors. That's very troubling. Very troubling.
In particular, I have met--and I think all of you, Congresswoman Lummis and others, have met with small business people who come and seek our help as they walk the Halls of Congress saying, Here's what you can do to help us get some business tax relief.
This week I met with small business people who are frustrated. They receive a letter of notice in the mail saying they had to close their operation because that was the will of the auto task force from the administration. And I think these auto dealers who have put in so much time and effort--many of these are family businesses and they have, unfortunately, invested their time, their capital. They own the land. They own the company. They're selling cars. They employ people, and they're forced to lay off folks.
And so I'm frustrated. I'd like to see the government not picking the winners and losers here.
So I'm just really encouraged. We have got a good class of freshmen that want to help small business. I know Congressman Schock has an initiative to go forward that will temporarily provide some payroll tax relief for the employers and the employees, which I think is so critical from a real economic stimulus plan.
And I'm working on an economic plan for small business right now to separate business income from personal
income because, as we all know, many of these small businesses unfortunately pay their taxes at that individual rate. And when they're paying at that individual rate, it's a higher rate, especially under the new tax plan that was passed by Congress.
So now they're going to be paying higher taxes, so they can't hire somebody. They can't buy more equipment. So, if we can separate those streams of income, I think we have tremendous opportunity to help small business.
So I want to keep working with you on that effort
I'd be happy to yield.
I thank the gentlelady for yielding. One of the biggest surprises and frustrations that I have noticed is that it's been a little bit more partisan than I ever thought it would be; and I can say that, having served in both the majority and the minority in the Minnesota State legislature; and I was majority leader for awhile. I think a lot of being a successful legislator and making yourself a successful State, and now a successful country, is being able to build relationships to get things done and be results-oriented. In the Minnesota Legislature we were always allowed to offer an amendment to a bill as long as it was germane, just as you were mentioning a little while ago. But here in Congress we have to get permission to offer an amendment from the Chair of the Rules Committee or from the Speaker of the House. So it's a very closed process, and it's not an open flowing process where I think it's easier to breed partisanship. I think if the rank-and-file Members, both Republican and Democrat, can get together to kind of break the grips of that leadership power, I think we could really do great things for the American people.