Tuesday, September 14, 2010

Senate Takes Up 'Job Killing' IRS Rule

The Senate is back in session this week after returning from recess, and the members have a lot of hotly debated issues to vote on. They are scheduled to decide on expiring tax cuts, and the health care law that would require small businesses to file more forms.

CNNMoney.com reports:

    Lawmakers return to Capitol Hill this week after the summer recess and small business tops their to-do list.

    Their goal: Help small business, and boost the economy. The Senate will consider two proposals right off the bat.

    The broader measure is the Small Business Jobs Act, which includes a $30 billion fund to spur lending and $12 billion worth of tax breaks. The Senate will also decide whether to repeal a law enacted as part of health care reform that will require small businesses to file millions of new tax forms -- a provision a top Republican calls "job killing."

    Main Street needs the help: Credit remains hard to come by, and without it hiring is suffering. In fact, small business hiring has been on a downward slide for the past two and a half years.

    And both the number of small business loans and the total value of those loans have declined, according to data from the FDIC. The number of loans has dropped by 17.8% since the second quarter of 2008 and the total value of those loans plunged by $60 billion to $650 billion.

Read more here

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