Many Republicans like aspects of the small-business tax bill.
CNN: Bush tax cut fight could derail Senate small-business bill
That is why the Administration is committed to taking every responsible measure to spur job creation measures ranging from the "Cash for Clunkers" program last summer, to the extensions of unemployment insurance and additional business tax cuts in the bill the President signed in November, to ideas explored at the Jobs Forum in December.
Thus a biotech company that has a tax liability can see its tax bill slashed and a business that has no tax liability can receive a nontaxable grant for the same amount.
"It becomes a real cash flow problem for a business, " says Bill Rys, tax counsel for the National Federation of Independent Business.
And now middle-class families and small business owners are left wondering what their tax bill will look like next year.
WHITEHOUSE: Weekly Address: Congress Must Act to Create Jobs and Grow the Economy | The White House
But the overwhelming 80-14 vote masks the broad expectation that because of an unrelated fight over the Bush tax cuts, the small business bill is unlikely to pass the chamber.
CNN: Bush tax cut fight could derail Senate small-business bill
Instead, the message from Obama to our small business owners and entrepreneurs is that, if you take a risk on a new idea and provide the seed capital for a new business, your reward will be a higher tax bill.
In August, Bush signed an energy bill laden with special business-tax breaks for new nuclear power facilities, "clean coal" technology, coal mined from Native American lands, refinery expansion, fuel-cell power plants, hydrogen refueling stations and for producers of energy-efficient appliances, commercial buildings and homes.
Senate Democrats, led by Daschle, refused to take up a House bill they believed relied too strongly on business tax cuts without doing enough for unemployed workers.
This jobs bill provides tax cuts for nearly every small business in America.
WHITEHOUSE: President Obama on Retaining Teachers and the American Jobs Act | The White House
That means that lengthening the depreciation schedule marginally raises the tax bill of a company that acquired an aircraft for their business use.
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One would be a whopping capital-gains-tax bill enough to put most schools out of business overnight, causing a political and legal storm that even Labour left-wingers might flinch at.
Shiona Baird, the Scottish Green Party's energy spokeswoman, is proposing a Holyrood bill to give householders and businesses council tax breaks and business rates rebates in return for installing renewable energy devices such as solar roofs and mini-wind turbines.
BBC: NEWS | UK | Scotland | Call to halt nuclear power plans
Wednesday's report drew sharp comment from Dean Zerbe, an AlliantGroup national managing director and former Senate Finance Committee Republican tax counsel who has been campaigning for a new small business taxpayer " bill of rights, " which would force the IRS to make an individual determination of the necessity of a lien, weighing the economic impact on the individual or business of a lien.
If you want tax cuts for the middle class and small business owners -- pass this bill.
WHITEHOUSE: President Obama on Retaining Teachers and the American Jobs Act | The White House
And when the tax code lacks permanency, business owners have a hard time planning and must spend even more time and resources to map out the best routes for growth, says Bill Rys, tax counsel for the National Federation of Independent Business, a lobbying group in Washington.
The way it might work, for example, is that a business owner could borrow back (defer) a percentage of his or her tax bill with the requirement that at the end of the next tax year, proof be provided that the money was used to add employees or invest in plant and equipment.
In addition, Bill and Maya would eliminate special interest business subsidies and cut the corporate tax rate.
This is a bill that does two main things: It gives small business owners tax cuts, and it helps them get loans.
The President explained that Bill Milliken, a small business owner in Portland, can now qualify for tax credits that make it easier for him to provide his employees with health insurance.
As well as the changes to business rates relief, the bill will give local authorities the power to increase the council tax on homes that have been empty for a year or more by up to 100%.
For example, Bill McComb, CEO of Liz Claiborne, explained the impact of the expanded business tax breaks that I signed into law a few weeks ago.
WHITEHOUSE: President Obama Closes Forum on Jobs and Economic Growth
Boeing reported a 13% increase in first-quarter earnings Wednesday, as a smaller tax bill helped the company offset softer revenues driven by a decrease in its commercial airplane business.
And after watching his cap and trade proposal fall flat in the Senate, his health care bill lose support in both chambers, his tax proposals meet stiff resistance from the business community and key centrist Democrats, and his financial service reform proposals go nowhere, he risks getting nothing that he wants.
This bill will ensure that small business owners, like Larry and Phillip Levita, have the capital and tax credits they need to grow and create jobs.
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