The Small Business Tax Cut Act will help 22 million small businesses across the country, including hundreds of thousands in Virginia — no matter how they are organized or whether they pay taxes at the corporate or individual level. A third of those small businesses are owned by women and one-fifth are minority-owned small businesses. This 20 percent tax cut will free up resources so small-business owners can invest in new technology, hire additional workers, or provide a raise to a current employee — something so many employers haven’t been able to do.
As I noted earlier in the week, the Democratic counter-argument is that this break would further enrich the Kim Kardashians and Oprah Winfreys of the world and is thus evil. Instead, Democrats want to leave small business taxes alone and go after the tax breaks of multinationals.
That’s not news. But casting a shadow over all this cross-talk is that, come Jan. 1, the Bush-era tax cuts will expire. This means rates will go up for everyone, and it is cause for genuine concern. Writing in Politico, Steve Forbes reminds us just how bad things could be if those cuts are allowed to expire:
[Continue reading Norman Leahy’s post at Bearing Drift.]
Norman Leahy blogs at Bearing Drift. The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.