Senate Republicans block tax breaks for small businesses!
A tax break for small business (most American businesses are either small or medium businesses) that would have provided a 10% tax credit up to $500,000 on payrolls of $5 million, for businesses that make new hires or otherwise expand their payrolls, was BLOCKED today by Senate Republicans.
In the meantime, the small-business tax break was blocked on a vote of 53 to 44 after the Senate failed to reach the 60-vote threshold to break the GOP-led filibuster. Two Republican senators, Scott Brown of Massachusetts and Dean Heller of Nevada — who both have tough reelection campaigns this fall — voted with Democrats. Democratic Sen. Joe Manchin III of West Virginia joined Republicans in voting no.
The legislation also included a popular provision to allow companies to deduct 100% of certain investments in new equipment, rather than the standard 50%, for 2012.
Thanks very much, Senate Republicans. We small business people hope that you will be remembered in November. 😉
-Bill at
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