Politics & Government
Entrepreneurs Bill Gets Support from Rep. Ed Towns
A national bill to reduce taxes on start-ups gets some local support.
A national bill to help entrepreneurs create American jobs received local support from Rep. Edolphus "Ed" Towns, D-New York, who said that the bill would help start-ups by "reducing their tax burden."
H. R. 4032, the Help Entrepreneurs Create American Jobs Act, was introduced by Representative Henry "Hank" Johnson, D-Georgia, and calls for a permanent doubling of the amount of start-up expenses that entrepreneurs can deduct from their taxes—from $5,000 to $10,000.
The bill also plans to increase the threshold for the deductions phase-out from $50,000 to $60,000.
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"This bill will help Brooklyn’s entrepreneurs by making permanent increases in tax deductions for small businesses seeking to get started," Towns said in a statement. "The more small businesses we help get started now, the sooner they will become the employers of the future."
