Giannoulias, Durbin discuss helping Illinois small businesses grow

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Carbondale, IL  – On the third day of their Illinois Jobs Tour, U.S. Senate nominee Alexi Giannoulias and U.S. Senator Dick Durbin joined Carbondale-area small business owners at the Dunn Richmond Economic Development Center to discuss their plans to help small businesses grow and gain access to capital. This stands in stark contrast to Congressman Mark Kirk who has consistently supported the failed Bush economic policies that have hurt small businesses.
“Small businesses are the back bone of our economy and have been hardest hit by the failed Bush economic policies that Congressman Kirk supports. It is imperative that we help small businesses by increasing their access to capital and help them to attract and retain employees so they can grow,” said Giannoulias. “Unlike Congressman Kirk, I have a record of helping Illinois small businesses. As Treasurer, my office helped create hundreds of small business jobs through the Employ Illinois program, which has deposited $17 million of the state’s portfolio into banks that agreed to loan to businesses at reduced rates. The best way to get small businesses to open and expand is to tie strings to the capital by requiring job creation and a mandate to lend.”
Only half of the small businesses that tried to borrow last year got all or most of what they needed, according to a survey by the National Federation of Independent Businesses.  A central element to Giannoulias’ FutureWorks plan includes a proposal to stimulate immediate financial recovery by providing tax breaks to small business owners and low- to middle-income people who are most likely to put their savings back into the economy and curb overseas outsourcing of American jobs by closing tax loopholes.
Senator Durbin has sponsored federal legislation to help Illinois small businesses create jobs and get access to capital.
“My bill will help get people back to work by giving small businesses access to capital to help them create private sector jobs through private sector banks that lend to private sector businesses,” said Senator Durbin. “I need Alexi as my partner in the United States Senate because he understands what Illinois small businesses are going through and will work night and day to support them. Congressman Kirk only offers more of the same failed Bush policies that have hurt our economy severely.”
According to the latest data from the Small Business Administration, there were 258,000 small business employers in Illinois in 2006 and small businesses accounted for over 98 percent of the employers in Illinois. These small businesses added 93,000 jobs in 2006 — three times as many jobs added by Illinois companies with more than 500 employees.
The Dunn Richmond Economic Development Center at the Southern Illinois University Carbondale is home to SIUC Small Business Incubator, which began in 1991. Its mission is to “accelerate the start-up and expansion of small business in Southern Illinois.”  It provides a range of services and events for current and prospective small business owners. The Center has a full-time staff of counselors that provide free counseling assistance on things such as cash flow and financial analysis, legal structure and e-commerce.

During the tour, Giannoulias has highlighted his plans to create the next generation of good-paying jobs, help small businesses access capital so that they can grow, and root out the corporate special interests that plague Washington.  Giannoulias’ FutureWorks plan can be read in full at

Senator Durbin is joining the tour for select stops on August 19 and August 20. Giannoulias will visit the following cities and towns in Illinois: Bloomington/Normal, Cairo, Carbondale, Chester, Decatur, Du Quoin, Alton, East St. Louis, Effingham, Harrisburg, Mascoutah, Metropolis, Mt. Vernon, Pana, Springfield, and Waterloo.

  • Extend the tax credit for first-time homebuyers.  The tax credit for first-time homebuyers has helped middle-income Americans afford their first home and helped stabilize the housing market and home values. Allowing it to expire would hurt home sales just as the market is expected to pick up. Alexi supports an extension of the $8,000 first-time homebuyer tax credit through December 1, 2010.
  • Create a payroll tax holiday for low- and middle-income Americans. Alexi wants middle-class tax relief that will go straight into the pockets of working Americans so that they can pay their mortgage, put food on the table, and keep the economy moving. He supports a one-year payroll tax holiday on the first $20,000 of individual income for those making up to $75,000. Under his proposal, qualified workers would see an extra $125 a month in their paychecks. Alexi is calling for a “job creation tax credit” for small businesses with less than 50 employees to help incentivize job creation among small businesses, which are responsible for 65 percent of jobs created in America.
  • Establish a job creation tax credit. Making it less expensive for employers who hire within a 90-day timeframe would encourage businesses to start hiring now. Alexi is calling for a “job creation tax credit” for small businesses with less than 50 employees to help incentivize job creation among small businesses, which are responsible for 65 percent of jobs created in America.
  • Offset the costs of these proposals by repealing the corporate tax loophole that rewards the shipping of jobs overseas.   The U.S. tax code currently rewards companies that ship jobs overseas.  Alexi wants to ensure that those companies pay their fair share by eliminating the tax loophole that allows them to defer paying U.S. taxes on overseas profits. This proposal would raise nearly $200 billion and deter companies from moving American jobs abroad.

Giannoulias’ campaign stated that:


  • KIRK VOTED FOR TAX BREAKS TO SHIP JOBS OVERSEAS: Kirk voted for billions in tax breaks for companies that ship jobs overseas and for oil companies.  [HR1586, Vote 518, 8/10/10; HR4213, Vote 324, 5/28/10; HR6, Vote 445, 7/28/05; HR 4297, Vote 109, 4/27/06; Vote 258, 6/17/04; HR3090, Vote 404, 10/24/2001; HR3529, Vote 509, 12/19/01]
  • KIRK VOTED AGAINST SMALL BUSINESSES. Kirk voted against passage of the Small Business Lending Fund Act of 2010 which would provide incentives to financial institutions to extend credit to small businesses.  [HR5297, Vote 375, 6/17/10]
  • KIRK VOTED AGAINST THE HIRE ACT. In March 2010, Mark Kirk voted against the HIRE Act (Hiring Incentives to Restore Employment), a $15 billion job creation package that includes new hire tax breaks and payroll tax exemptions for businesses, unemployment benefits extensions, and funding for highway and transportation projects.  [HR2847, Vote 90, 3/4/10; Chicago Tribune, 3/5/10]
  • KIRK VOTED FOR EVERY SINGLE BUSH BUDGET: Kirk voted for every one of Bush’s reckless budgets from FY 2001 to 2007, and he opposed a FY 2008 budget that would provide middle class tax relief and reverse some of the damage caused by years of failed Bush economic policies.  [HCR353, Vote 79, 3/20/02; HCR95, Vote 141, 4/11/03; SCR95, Vote 198, 5/19/04; HCR95, Vote 149, 4/28/05,; HR4241, Vote 601, 11/18/05; HCR376, Vote 158, 5/18/06; SCR 21, Vote 377, 5/16/07]
  • KIRK/BUSH TOOK RECORD SURPLUSES TO RECORD DEFICITS: When George W. Bush and Mark Kirk took office, they inherited a $236 billion budget surplus, and the CBO predicted that the surplus would reach $5.6 trillion over the next decade.  However, Bush and Kirk’s irresponsible spending turned a historic budget surplus into a record $458 billion deficit by 2008.  [New York Times, 1/30/03; Office of Management and Budget; Congressional Budget Office]
  • KIRK VOTED AGAINST PAY-AS-YOU-GO: Kirk voted against reestablishing pay-as-you-go budgeting in the House.  PAYGO is a common sense fiscal restraint measure that ensures every new spending measure is offset by savings or increased revenues elsewhere.  [HR2920, Vote 612, 7/22/09; HJR45, Vote 48, 2/4/10]
  • KIRK HAS VOTED REPEATEDLY AGAINST EXTENDING UNEMPLOYMENT: Since 2001, Kirk has voted at least thirteen times against extending unemployment benefits. [HR4213, Vote 463, 7/22/10; HR5618, Vote 423, 7/1/10: HR4213, Vote 324, 5/28/10; HR2847, Vote 90, 3/4/10; HR4213, Vote 324, 5/28/10; HR5749, Vote 403, 6/11/08; HR5749, Vote 412, 6/12/08; HR7110, Vote 660, 9/26/08 HR3030, Vote 18, 2/4/04; HR444, Vote 224, 6/3/04; HR2185, Vote 22, 5/22/03; HR1527, Vote 191, 5/15/03; S23, Vote 6, 1/8/03; HR3090, Vote 402, 10/24/01]
  • KIRK VOTED AGAINST HOMEOWNERS. Kirk has voted twice against a $7,500 tax credit for new homebuyers.  [HR3221, Vote 302, 5/08/08; Vote 519, 7/23/08]

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