This is Lynn Jenkins, she does not represent us
H.R. 5486 is bill to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes. It is known as the SMALL BUSINESS JOBS TAX RELIEF ACT OF 2010.
Among the features of this bill are these provisions:
Amends the Internal Revenue Code to increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012.
Increases the tax deduction for trade or business start-up expenditures from $5,000 to $20,000 in 2010 and 2011.
Revises the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration.
Excludes from gross income any amount paid for a borrower under the Small Business Administration (SBA) borrower assistance program.
Revises rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred.
The Republican argument on this bill was that it was not large enough and that it spent too much money. Michigan's Republican Representative was the minority's primary antagonist on H.R. 5486. He said "First, while the tax relief in here is welcome, it's not enough and won't actually help small businesses create the jobs we need to reduce our stubbornly high unemployment rate. While I would certainly support further lowering taxes on small businesses, the last thing they need is higher taxes, which is exactly what they are facing from this Congress." And with that the Party of No said no to small business.
This is like looking at a hungry person and telling him you've got a ham sandwich and a bag of chips, but he is too hungry for that. No, you won't give him a snack, he's got to wait for the big meal. Of course when the big meal comes along you then tell him, wait, I can't afford to feed you this big meal!
Camp went on to say "Second, this bill, like others before it, provides a stark reminder of the majority's view of the Ways and Means Committee as an ATM machine to fund other spending. Here, the majority is seeking to generate $7.1 billion in additional tax revenue but would only provide $3.6 billion in tax relief over the next decade. The rest of the money raised will be used to offset the cost of another bill, H.R. 4297, which was reported by the Financial Services Committee, that creates another TARP-like program. Some might call it TARP III."
H.R. 4297 is the RURAL DISASTER ASSISTANCE IMPROVEMENT ACT of 2009. My friends you have just witnessed a Congressional Smoke Screen. H.R. 4297, introduced by New York City's Democratic Congressman Paul Hodes, languishes in the House Committee on Transportation and Infrastructure; specifically in the Subcommittee on Economic Development, Public Buildings and Emergency Management. There has been no action on Representative Hodes' bill.
Secondly Mr. Camp seems to live in a very simple world, that of his own mind. Representative Camp wants you to believe that perfect offsets exist between tax cuts and revenue generation. If you cut taxes by $10 then you cut spending by $10 and it all evens out. The Republican goal is simple, no government. Tax cuts are supposed to generate revenue. Tax cuts are supposed to stimulate the economy, create jobs, and get folks buying things. A tax cut is supposed to raise revenue through increased productivity. It doesn't always work because it is based on assumptions like full or near full employment. The Republicans can't seem to wrap their simple minds around this concept. Oh, and for the record, Mr. Camp voted for TARP. the Emergency Economic Stabilization Act on October 3, 2008.
Lynn Jenkins and the Party of No voted against Small Business Tax Relief and Job Creation on roll call 363
The assault on Small Business continued with H.R. 5297 the SMALL BUSINESS LENDING FUND ACT of 2010. In these times Small Businesses need access to credit. This bill gives an infusion of cash flow to the one sector of the economy that creates the most jobs, Small Business Here is a letter to the Congress from the National Association of Realtors about this bill.
Washington, DC, June 15, 2010.
U.S. HOUSE OF REPRESENTATIVES,
Washington, DC.
DEAR REPRESENTATIVE: On behalf of the 1.1 million members of National Association of REALTORS , and their affiliates, I ask for your support of H.R. 5297, the ``Small Business Lending Fund Act of 2010,'' introduced by Representative Frank (D-MA). This bill will create the Small Business Lending Fund Program (SBLFP) that would increase the availability of credit to our nation's commercial real estate and small business sectors.
Nearly $1.4 trillion of commercial real estate loans will mature over the next several years, with a very limited capacity to refinance. If not addressed, the swelling wave of maturities could place further stress on already fragile financial markets and slow our nation's economic recovery. In addition to addressing the issues facing the commercial real estate industry, improving access to capital for small businesses--widely acknowledged as a critical part of growing the American economy--is also greatly needed. In fact, the percentage of small business owners holding a business loan or credit line fell almost 20 percent last year. Unappreciated is the fact that a significant portion of commercial real estate is owned, leased, and operated by small businesses.
Unlike the Troubled Asset Relief Program (TARP), the SBLFP contains lending provisions that help ensure community banks have both the incentive and greater capacity to increase total loans to small businesses by decreasing the dividend cost on the capital investment as lending grows.
Additionally, we support Amendment #4 (Minnick, D-ID), which would allow commercial real estate loans for properties for lease to be eligible in the SBLFP. As H.R. 5297 is currently written, only owner-occupied commercial real estate loans qualify for this program, which excludes commercial real estate loans on properties for lease--a significant portion of small businesses that need refinancing assistance.
In order to help spur small business hiring and growth, NAR urges you to pass this important legislation.
Sincerely,
VICKI COX GOLDER, CRB,
2010 President, National Association
of REALTORS
No comments:
Post a Comment