May 27, 2008

THE PRESIDENT: I've come to Silverado for a couple of reasons: One, to remind our fellow citizens how important small businesses are to the backbone¹ of our economy. These two brothers started this company with five employees --

MR. BOB SIMPSON: Five employees.

THE PRESIDENT: How many you got now?

MR. BOB SIMPSON: We have 70.

THE PRESIDENT: Seventy. One of the things that's important in law is to encourage certain behavior, and the stimulus² package we passed encouraged investment. And so the -- these guys were showing me a new laser machine they purchased this year, and they purchased it this year because the stimulus package provided a tax incentive³ to do that. And the reason why that's important is when the economy slowed down, we wanted to stimulate⁴ activity.

And so the fact that they purchased the machine meant somebody had to make the machine. And when somebody makes a machine, it means there's jobs at the machine-making place -- plus their employees are more productive, they're more competitive. It makes it more likely they're going to keep their business and expand their business.

And so the first thing I want to do is, one, thank you for being entrepreneurs, and two, remind our citizens that this stimulus package that we passed in Congress is just beginning to kick in. And it's going to make a positive contribution to economic growth.

The other thing it's important to remember is that a company such as these -- as this one -- pays taxes at the individual income tax rate. So when you hear these politicians campaign and say, "We're going to raise taxes, oh, just on the rich people," they're raising taxes on companies like Silverado.

What you don't want to do is take money out of the treasuries⁵ of these small businesses across America. If you're interested in economic vitality⁶ and growth, you want these -- owners of these small businesses to have more money to invest. It's good for their employees, it's good for their growth, and it's good for our nation.

And so I strongly urge the United States Congress to make the tax relief we passed permanent so that companies such as Silverado don't have to worry about what their tax burden is going to be in two years come. See, we have times of economic uncertainty⁷ right now, and what creates more uncertainty for owners of businesses like these is whether or not their taxes are going to go up.

And Congress ought to just declare once and for all we're going to make the tax cuts we passed permanent -- add peace of mind for these businesses leaders; it'll make it easier for their employees to keep a job; it'll make it easier for them to do what they want to do and take care of their -- people that work here.

And so I'm thrilled to be with you. Congratulations --

MR. BOB SIMPSON: It's our pleasure. Thank you so much.

THE PRESIDENT: Congratulations on being dreamers and doers.

MR. MITCH SIMPSON: Thank you Mr. President.

THE PRESIDENT: Yes, sir. Loved meeting your employees, too.

MR. BOB SIMPSON: Well, if you have just a minute I have a few more back there.

THE PRESIDENT: All right, good. Thank you.

END 3:10 P.M. MST