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Washington Watch - April 25, 2012

Congress: Here We Go Again

The continued back and forth between the Senate and House on legislation aimed at helping the self-employed and small business community has resulted in possible bipartisan collaborations. In addition, recent statements in the press have indicated interest in moving a large package that would group together several bipartisan pieces of legislation, including tax credits for reinvestment and hiring of employees in advance of the November election. 

The National Association for the Self-Employed believes this would be a natural vehicle to attach the Small Business Tax Extenders bill to, allowing for a diverse, powerful piece of legislation that would speak directly to the self-employed community. 

As reported earlier this week, Senators Mark Warner (D-Va.) and Marco Rubio (R-Fla.) are interested in putting forth a package of small-business incentives, which would group together several already introduced pieces of legislation. At the heart, it would show how the Senate would like to address expired or expiring tax breaks benefitting the self-employed community.

The NASE has continued to argue that, of late, proposed legislation targeting the small business community virtually ignores the 22 million strong self-employed, which face continued inequities in tax policy.   
In light of the partisan struggles that have eclipsed the Senate and the House, reports indicating that conversations are occurring across the aisle in the Senate shed a glimmer of hope that both chambers will be spurred to action and address both individual and corporate tax reform before the November election. The greatest mischarge would be waiting until after the November election and rushing through legislation that is short-sided in its scope.  

Once again, the NASE asks lawmakers to address the health insurance deduction, startup deduction, and move forward with the simplification of the home office deduction, all three equaling real dollars back in the pockets of the self-employed. 

Quick Look: Eric Cantor's Small Biz Bill

The House voted on a proposal by Majority Leader Eric Cantor (R-Va.) to provide a 20% tax cut for small businesses (defined as 500 or less employees). The details of the Cantor proposal are scare. As expected, once the measure made it through the House, it stalled in the Senate.

Expiring Tax Extenders

Congressman Pat Tiberi (R-Ohio), Chairman of the Subcommittee on Select Revenue Measures, announced that the Subcommittee will hold a hearing on Member proposals related to certain tax provisions that either expired in 2011 or will expire in 2012 (also known as “tax extenders”). 

The NASE will be submitting a statement for the record regarding the health insurance deduction (ability to deduct health costs as a business expense) and the startup deduction (currently $10,000 but would be reduced to $5,000).

Please stayed tuned to Washington Watch for more on the NASE's written testimony.

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