CONTACTS Frank Coleman/Linda Rozett
(202)463-5682/888-249-NEWS
Thursday, March 9,
2000U.S.
Chamber Calls on Congress to Pass Small Business Tax Fairness
Act
WASHINGTON,
D.C. – The United States Chamber of Commerce urged the House to pass
the Small
Business Tax Fairness Act (HR 3832) in a letter sent this week
to Congress. The proposed legislation is a pro-growth, job creation
bill that provides important tax relief for American small
businesses.
"This bill
would reverse years of inequity by providing the self-employed with
100 percent deductibility for their health insurance costs," said
Bruce Josten, Executive Vice President for the Chamber. "By passing
this bill, Congress has a chance to give our nation’s small
businesses needed tax relief, while at the same time spur economic
growth and business investment."
The Small
Business Tax Fairness Act would spur investment by increasing the
amount of equipment eligible for expensing from $19,000 to $30,000,
and would increase the business meal and entertainment expense to 60
percent. The bill provides relief from the death tax and reinstates
the installment method of accounting for certain employers who sell
their business. Moreover, the Chamber noted, the legislation
modernizes the pension system, by increasing the contribution and
benefit limits, as well as simplifying the pension laws.
"Effective
changes to the pension system are critical to ensuring the
retirement security of future generations," said Josten. "Greater
ease in complying with pension laws will dramatically increase
participation in the employer-based system."
The U.S.
Chamber of Commerce is the world’s largest business federation
representing more than three million businesses and organizations of
every size, sector and region.
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