Small businesses are the backbone of Maine’s economy. The economic, social and educational contributions they make to our local and state communities are unparalleled.

With nearly all of Maine’s private-sector employers considered small businesses, policymakers must do what they can to support them. Indeed, strengthening our small businesses, capitalizing on our sense of entrepreneurship, and relying on our skilled work force are necessary to help Maine recover from the recession and  usher in a period of sustained prosperity.

Policymakers now have an opportunity to do just that.

Congress is scheduled to consider whether to extend some or all of the 2001 and 2003 Bush tax cuts, which are set to expire at the end of this calendar year. At the center of the debate will be whether to extend just the middle-income tax cuts or to also extend the tax cuts for the wealthiest 2 percent of taxpayers — those making more than $250,000 per year.

Extending the middle-class tax cuts, which the president and Congress have already indicated they intend to do, would be good policy. Almost all taxpayers would benefit, including all small businesses that make invaluable contributions to our communities here in Maine.

The story is quite different when it comes to extending the high-income tax cuts. According to the nonpartisan Center on Budget and Policy Priorities, “only the top 3 percent of people with any business income, let alone income from a small business, would benefit.”

Virtually none of the taxpayers comprising this 3 percent with business income are what we in Maine consider small business. Rather, they are very large corporate law firms, Wall Street bond traders, and many individuals who are among the country’s 400 wealthiest individuals.

Although very few Mainers will benefit from extending tax cuts for the wealthy, the cost of extending them will likely be borne by all of us. The projected cost of extending the upper income tax cuts is $40 billion in 2011 alone.

In the short term, the country would be much better off if Congress redirected those funds to provide a temporary payroll tax cut for small businesses that add jobs. That provides a direct benefit to small businesses and would help strengthen our economy by creating jobs. That would have a much greater impact on spurring economic activity than continuing the tax cuts for the super wealthy.

Over a 10-year period, the price tag for the upper-income Bush tax cuts climbs to a whopping $1 trillion. With increased attention being paid to our fiscal health, the $1 trillion that would evaporate from continuing these tax cuts could instead be used to fight long-term deficits.

That would be better for everyone, including small businesses, in the long run.

This is Congress’ chance to do something to help small businesses, our hardworking neighbors, and the economy. Congress should not adjourn before extending the middle-class tax cuts and letting expire the high-income tax cuts.

Dan Coyne is fiscal policy analyst for the Maine Center for Economic Policy.