WASHINGTON — When it comes to clashes, September is usually reserved for the start of the NFL season. That may change this year. A September Senate duel revolving around small business is about to commence.
Democrats are interested in revitalizing the stalled small-business lending bill, while Republicans are focusing attention on the impending expiration of the Bush tax cuts (Dec. 31, 2010), which they say would hurt small businesses.
With the economy looming as the key issue in the upcoming election, Republicans and some Democrats say that the tax cuts should be allowed to remain on the books at least in the short term, so as not to hurt businesses that create the most jobs.
An analysis by the Joint Committee on Taxation found ammunition for both sides of the tax debate.
As a small-business owner what do you favor? Business News Daily, a guide for startups and small businesses, recently revealed five key trends that small-business owners would like to see emerge from Washington:
- Ease lending requirements
- Repeal 1099 report requirements (set to take effect next year, this requires businesses to file a 1099 for every company from which they purchase more than $600 in goods or services)
- Make it easier to get government contracts
- Better communication (Washington needs to clarify the implications of past/future legislation)
- Get out of the way (cut back on government regulation)
In late July, Senate Republicans blocked a bill designed to provide $30 billion to small banks to boost lending to small businesses. The bill also included other provisions to aid small businesses, such as $11.7 billion in tax breaks for investing in new equipment or the sale of small-business stock.