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NASE Appears Before Congress To Give An Update On Small Biz Legislation
Association Urges Two-Year Extension Of Self-Employment Tax Deduction For Sole Proprietors
Washington, D.C., May 19, 2011 - The National Association for the Self-Employed (NASE) testified before the Senate Committee on Small Business and Entrepreneurship today on how the effects of the Small Business Jobs Act, signed into law last fall, have been felt by the self-employed community.
During the hearing, titled "Small Business Recovery: Progress Report on Small Business Jobs Act of 2010 Implementation," NASE Executive Director Kristie Arslan argues that, despite accounting for 78 percent of all small businesses in the U.S. and collectively contributing about $1 trillion to the economy every year, this dynamic business demographic is too often misunderstood and underrepresented in the policy fashioned for small business.
"Our nation’s lawmakers and regulatory agencies commonly craft public policy geared toward the tiny sliver of the business demographic that is corporate America," Arslan said. "This narrow policy focus on a small percentage of businesses is why the Small Business Jobs Act was so crucial to our community."
The Small Business Jobs Act of 2010 included key provisions that benefited the vast majority of micro-businesses and provided some much needed bottomline tax savings to the self-employed, including the ability of sole proprietors to deduct their health insurance costs as a business expense. As a result of the one year allowable deduction, self-employed business owners have been positively affected by the ability to lower their tax liability on their returns, thereby saving money.
NASE Member Michael Kagan of Dover-Foxcroft, Maine, is owner of M. Kagan & Associates. He is a self-employed biotech consultant with over twenty-five years of experience as an engineering and manufacturing executive in both developing and bringing products to market. Mr. Kagan saved $1,400 in taxes due to the one-year tax deduction for health insurance costs in the Small Business Jobs Act, which he reinvested in office automation for his growing business.
Read the entire testimony of NASE Executive Director Kristie Arslan, including more detail on other aspects of the bill, below:
NASE Testimony- Small Business Jobs Act Implementation
About the NASE
The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org. |