Members of the Senate decided today to put politics over progress by blocking movement on the Small Business Jobs Act (H.R. 5297) when it came up for a crucial procedural vote. Unless an agreement can be reached, the bill is likely to languish in the Senate.
The debate on the Senate floor consisted of the usual acrimonious banter with lots of finger pointing about the unfairness of the majority and the obstructionism of the minority. What is truly unfair is that Main Street will likely be left out in the cold again to weather this economic storm, while Wall Street was bailed out by Congress with swiftness as soon as financial institutions showed signs of stress from the fiscal crisis they single-handedly created.
To date, Wall Street has received close to $5 trillion dollars in aid. Yes, that's right, $5 trillion! Yet, nothing has been done to provide assistance or relief to the largest sector of our economy -- small business.
The critical question in this debate should be what the Small Business Jobs Act could mean to a small business owner's bottom line. The tax equity for the self-employed provision alone would result in tax savings of over 15 percent for the 23 million self-employed Americans. Sole-proprietors would receive a one-year, temporary business deduction for their health insurance costs providing them significant savings on their self-employment (payroll) taxes. This is a permanent deduction currently enjoyed by large businesses and corporations in the U.S.
Did bailing out Wall Street help 23 million Americans? Did bailing out our auto industry save 23 million jobs? I don't think so. The Small Business Jobs Act, with its' $12 billion in targeted temporary tax relief, will provide a wide-sweeping benefit to our nation's smallest businesses.
While the bill is certainly not a panacea, it is a step in the right direction; a step that should have the support of both sides of the aisle. However, with August recess looming and campaign season in full swing, it seems the need to one-up the opposition is more important than improving the economy and helping American families.
Is it any wonder why only 11 percent of Americans have confidence in Congress?
Lawmakers need to get their act together and focus on the big picture. It's the economy, stupid! A healthy Main Street means healthy families, healthy communities and a healthy economy. If legislators want to keep their jobs come November, it is time for them to start doing their job in Congress.
GOP blocks small business bill. Who will get the blame?
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It promotes a drain of capital from the economy,,,,,,,,,, which results in recession/depression,,,,,,,like every other time in history,,,,,,,,,we need to give those at the top the incentive to re invest with tax code that punishes those that don't.
Rich ppl are no different than us poor slobs,,, if given the opportunity to enhance personal wealth over buisness investment they will choose,,,,,,,,their own bank accounts,,,, taxing this extra income will push away this drain of capital from the system.. Americans need to get control of the criminal bankers that are holding America hostage... Ta cuts for the rich destroyed the American "main st" economy...
They divide and conquer the right and the left every news day,, and until ppl unite against this un-American banking cartel,, Americans,, for the most part,, will always lose....
Because the conservative money managers owned the media and the media is carrying the water for their conservative senators/representatives. So they can stiff the people, cry that the dems and president are unfair to them, they can get their stuff added to bills in committee but vote against it out on the floor. The media will sing their praises and bash the dems. That is why the conservative congress people get away with their dirty tricky politics - they are not honest brokers, and the media cover for them.
I think of Big Business as being Multi-National Corporations, and perhaps Nation Wide Chains. But where exactly is the line between Big and Small?
And would not most Self Employed people run what we would call Micro Businesses? The problems with a company with 1,000 employees are not the same as one with 25 employees.
And I still think Washington does not care unless you can afford private jets and $5k a plate fundraisers.
I live in an apartment off a highway.
I am the new America.
I don't have a big City Government ripping me off for egregious taxes to fund champagne lunches and 7 figure "city managers".
Wall Street was made obsolete by online trading.
The city was made obsolete by the car and the cell phone.
We live everywhere in clean modern suburbs, or no "urb" at all.
back in, and they fair no better or even worse at creating jobs (how could they possibly create
jobs, when they prefer to send what remaining few "fair to good" paying jobs left in this country
overseas also at the pleasure of ceo managers!), what if they choose to not care alot about
the people struggling for finances in the gulf, what about the long term plan for clean up?
What if they make 85% of their agenda on tax cuts for wealthy people AGAIN? Where are
there plans? There're hardly to none, ever mentioned out in video print, or disscussed on the
Sunday Talks. Their talking points are "No"! In Other Words America, WHAT DO WE DO IF
WE PUT THEM BACK IN, AND NOTHING OF ANY SUBSTANCE (JOBS, THE COSTS OF
FOOD, HEALTHCARE, GASOLINE, BACK-TO-SCHOOL SUPPLIES. NO MOVEMENT ON
BANK SAVINGS/CD INTEREST RATES/401KS, SOCIAL SECURITY, WORKING TILL 80'.
THEY PICK ANOTHER COUNTRY TO GO TO WAR??????????? WHAT DO WE DO NEXT?
I suggest that we give them ALL our money: we all know that they will create new and meaningful jobs for us with our cash, as well as being kind and considerate to us while we sleep in the gutter, and you know you want to be a cotton-picker for the rest of your life, if they'll only agree!
Finish us off while you're at it, no?