Video archive of the US Congress

House Proceeding on May 20th, 2009 :: 1:44:55 to 1:49:50
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Virginia Foxx

1:44:51 to 1:45:12( Edit History Discussion )

Virginia Foxx: contributions to our local community. and before i got involved in politics i was the president and c.e.o. tire and automotive company and i know how exactly how hard it is to compete in this day and age. small businesses are looking for the tools and resources they need to operate and grow their businesses during this tough economic climate. so that's why i'm supporting h.r. 2352, the job creation

Virginia Foxx

1:44:55 to 1:49:50( Edit History Discussion )
Speech By: Virginia Foxx

Virginia Foxx

1:45:13 to 1:45:33( Edit History Discussion )

Virginia Foxx: through entrepreneurship act. this bill will re-authorize and modernize the s.b.a., will look at entrepreneurial development programs. it's going to foster veterans business opportunities and spur job creation and economic growth. sides of the aisle to support this legislation and help foster american competitiveness. and withhat i yield back.

Virginia Foxx

1:45:34 to 1:45:56( Edit History Discussion )

Virginia Foxx: . the speaker pro tempore: the gentlelady from north carolina. ms. foxx: again i want to say i know the motivation behind this bill is good but we know not how many jobs are going to be created. we know not how many people are going to be assisted by this bill. because there's nothing in the bill that directs that.

Virginia Foxx

1:45:57 to 1:46:18( Edit History Discussion )

Virginia Foxx: it's only after eight years that there will be any accountability for the money being spent in thisill. and i was encouraged yesterday when we talked -- when my colleagues acknowledged the fact that we have had no accountability by the small business administration for how they spend the money. but -- and i thought, we are

Virginia Foxx

1:46:19 to 1:46:40( Edit History Discussion )

Virginia Foxx: going have some great accountability in this bill, but when i read the bill very carefully, i a it's only after -- i saw it's only after eight years that performance standards is going to be established for the projects to get this money. we have no idea how much money will be spent in administration. we have no -- how

Virginia Foxx

1:46:41 to 1:47:03( Edit History Discussion )

Virginia Foxx: are going to be served. but as my colleague from illinois, mr. roskam, said, we ow how much would be accomplished by eliminating the estate tax. and let me talk a little bit more about that. we know that the owner of a small business with assets of -- if the owner of a small business

Virginia Foxx

1:47:04 to 1:47:25( Edit History Discussion )

Virginia Foxx: with assets of $3 million passed away this year, the ayers -- heirs of the estate would have to pay taxes. why? they have already paid taxes on that money twice and they are going to be paying again. why? because the federal government says so.

Virginia Foxx

1:47:26 to 1:47:46( Edit History Discussion )

Virginia Foxx: now, the may, 2006, joint economic committee study has told you -- us that a primary reason why small businesses fail to survive beyond one generation is the estate tax. close to 2/3 of respondants, 64%, in one survey reported that the estate tax makes survival of

Virginia Foxx

1:47:47 to 1:48:08( Edit History Discussion )

Virginia Foxx: the business more difficult. 87% of black-owned firms and 93% of manufacturing firms responded that the estate tax was an impediment to survival. a survey of family business owners by princeton associates found that 98% of heirs cited need to raise funds to pay estate tax when is asked by --

Virginia Foxx

1:48:09 to 1:48:29( Edit History Discussion )

Virginia Foxx: why family businesses fail. if only a small percentage of the 550,000 small business that is fail annually are attribute and to the estate tax, the cumulative number over time could be substantial. it's easy to see how the estate

Virginia Foxx

1:48:30 to 1:48:50( Edit History Discussion )

Virginia Foxx: tax has contributed to the failure thousands of small and family-run businesses. a 2004 survey of hispanic business owners by the impacto group, 66% of respondants said the estate tax affects their ability to meet company goals by distracting their attention and wasting resources.

Virginia Foxx

1:48:51 to 1:49:12( Edit History Discussion )

Virginia Foxx: half of all respondants in that survey report knowing of a hispanic small business that has experienced hardship because of the estate tax liability including selling off equipment or the business, one quarter of respondants say they themselves would sell part of the business to pay the tax and 10% would delay expansion of the business.

Virginia Foxx

1:49:13 to 1:49:34( Edit History Discussion )

Virginia Foxx: so we know again that byetting rid of the estate tax we would be saving thousands of small businesses, creating millions of jobs, and it is germane to this bill. another issue that is of great concern to small businesses, and i talked to a lady this week

Virginia Foxx

1:49:35 to 1:49:50( Edit History Discussion )

Virginia Foxx: about it, she had read about the required paid sick leave bill that is before the congress right now, and she said, i'm struggling. she said i have been paying my salaries of my employees out of my savings. if this bill goes through, we

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