Washington Watch - November 9, 2011

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Washington Watch - November 9, 2011

Jobs Bill Continues Through Senate

The Senate will take up the next portion of Obama's jobs bill this week, with this section slated to increase the employment of veterans. Read more about the proceedings below:

Budget Super Committee Nears Deficit Deadline

The members of the super committee continue to work toward a compromise to reduce the deficit. The proposals call for additional taxation and reductions in entitlement spending. The tax revenues would come from a broadening of the tax base, along with a decrease in rates.

The deficit panel has a few weeks to reach a deal before hitting a Congress-imposed deadline that would trigger automatic cuts.

Read more about the group here.

House: Pro-Growth Tax Policy Hearing

As Congress turns its attention to tax reform and deficit reduction, this hearing examined the importance of “pass-through” entities and the need for Congress to consider individual tax reform in tandem with corporate reform. 

About 95% of U.S. businesses, and over 80% of small firms, are organized as pass-throughs, which pay taxes on their share of the profits on their individual income tax returns.  These firms account for 54% of all U.S. business net income, and employ 54% of the private sector workforce.  They are critical to our nation’s economic recovery.

Click here to read more about what was discussed at the hearing.

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