House Passage of Tax Compromise Good News for Small Businesses
Statement by John Arensmeyer, CEO, Small Business Majority
Dec. 16, 2010 Small businesses received good news today in the form of the House of Representative's passage of the compromise tax package the president struck with Congress, and that the Senate passed earlier this week. Despite the deal's imperfections, namely that most small businesses won't financially benefit from tax cuts on the upper income brackets, other provisions of this compromise will bring relief to America's 28 million small businesses and the country as a whole.
It will help struggling entrepreneurs by extending tax benefits, encouraging small businesses to invest via the R&D tax credit, and putting more money in consumers' pockets via the payroll tax reduction and the extension of unemployment benefits.
Members of the House should be commended for working diligently to put this matter to rest in a timely manner, and we look forward to this bill becoming law.
Small Business Majority is a national nonprofit organization focused on solving the biggest problems facing America's 28 million small businesses. We conduct extensive opinion and economic research and work with small business owners, policy experts and elected officials nationwide to bring nonpartisan small business voices to the public policy table.