Today, the U.S. House will vote on H.R. 6169 -- a bill that forges an accelerated
path for the consideration of comprehensive tax reform in 2013. The measure would implement expedited procedures to enable lawmakers in both the House and Senate to overcome technical
barriers that often cause bills to languish during the legislative process.
Last week, SBE Council Member Todd Flemming,
along with other small business owners, all agreed at a House Small Business
Committee hearing that fixing the tax system was the single most important
thing Washington can do to assist business growth and entrepreneurship.
In order for the expedited procedure to kick in, the legislation must be introduced by April 30 of next year and
include the following:
Consolidation of the current 6 individual
income tax brackets into 2, of rates not more than 10% and 25%
A corporate tax rate of not more than 25%
AMT repeal
A broadening of the base to maintain an 18%-19%
of GDP revenue level
A move to a territorial system from our
current worldwide system
All
of these provisions are critical to making the U.S. tax system more globally
competitive. Both corporate
and individual tax rates are much too high, and compliance is costly and burdensome. If the U.S. is to move back to robust
levels of investment, job creation and economic growth the tax system must be
stable and globally competitive.
SBE
Council will KEY VOTE H.R. 6169 as a vote for small business in its forthcoming Ratings of the 112th Congress.
Yesterday,
the U.S. House passed H.R. 8. The
legislation would extend current tax rates for all income levels and preserve
the 35% estate tax rate and $5.12 million indexed exemption through 2013 (the
death tax will surge to a top rate of 55% and a meager $1 million exemption at
year end). The bill passed by a
vote of 256-171
-- 237 Republicans and 19 Democrats supported the bill, while 170 Democrats and
1 Republican opposed it.
Karen
Kerrigan, President & CEO
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