US Treasury Secretary John Snow told an international business summit on Monday that tax cuts are helping small businesses to create jobs and drive US economic growth.
Addressing an Anglo American summit in New York attended by the UK Chancellor of the Exchequer Gordon Brown, Snow observed:
“In the US we have found that the vast majority of our net new jobs are created in the small business sector, and that is enormously important, particularly in times like we've had recently, when we are in an economic recovery.”
He added: “When President Bush designed his tax cut plans, he kept small business as a priority, and it has paid off.”
“America's entrepreneurs benefited from the lowered burden of taxation and have responded with unprecedented growth and very strong job creation – 1.1 million jobs have been created over the past eight months,” explained Mr Snow.
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