Minnesota U.S. Representative Angie Craig, from Minnesota’s Second District, is sponsoring legislation that would lower federal taxes for small businesses. The Small Business Tax Relief Act lowers the corporate income tax rate from 21 to 18 percent on the first 400-thousand dollars in taxable income for businesses earning less than five-million dollars annually.
Craig stated,”For nearly two years, small business owners have grappled with a struggling economy, ever-changing regulations and tax burdens far higher than that of many Fortune 500 corporations.”
She says it’s long past time that we re-centered our economy around the businesses that make up 93 percent of employers in Minnesota’s 2nd District.
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