| Weekly Update from Sam |
Dear Friends,
Small businesses are worried, and they’ve just said so in three recent surveys. The economy, the national debt, trillion-dollar deficits, runaway regulations and implementation of the President’s health law all cause serious concerns for our nation’s job creators. Surveys by the U.S. Chamber of Commerce, the NFIB and the Job Creators Alliance revealed a similar sentiment among entrepreneurs. Small businesses oppose the big spending, high taxing and heavy regulating ways that we’re seeing too often in Washington. These problematic policies are working against small businesses, and against the very growth needed to get our economy going again.
We need simpler taxes, less burdensome regulations and real spending reforms to address our federal debt problem. These steps will promote economic growth.
Sam Graves
Chairman
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News from Washington
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On Tuesday, the House passed the Disaster Relief Appropriations Act, H.R. 152, to provide more assistance for the region affected by Hurricane Sandy. The bill includes Small Business Administration loan funds for businesses that suffered damage and losses. For information on disaster loans, or other SBA loan opportunities, visit the SBA website.
On Wednesday, the Internal Revenue Service announced a simplified option to figure the home business tax deduction for home-based businesses. Several million taxpayers claim business use of their homes annually, often known as a home office. This new deduction is optional, and capped at $1,500 per year based on $5 per square foot for up to 300 square feet. The IRS states the option will reduce the paperwork and recordkeeping burden on these small businesses by 1.6 million hours a year. The new simplified form will be available for the 2013 tax year. |
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Budget Battles
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Washington’s next fiscal decisions include the debt ceiling, sequestration spending cuts and a budget. These choices over the next few months will determine the fiscal direction of the country. The Senate last passed a budget on April 29, 2009. The sequestration’s automatic spending cuts to defense and other programs were postponed through March 2013, but not resolved. At nearly the same time, federal spending is again hitting the debt limit, which was raised just 17 months ago.
President Obama wants to raise the debt ceiling without even tapping the brakes on federal spending. House Republicans believe responsible spending restraint must be part of that conversation. The President’s stance is one of no negotiations, refusing to even consider spending cuts. That’s irresponsible. If spending cuts can’t be considered now, with a $16.4 trillion debt growing at about a trillion dollars a year, then when? Refusing to address spending is reckless and not fair to the next generation.
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| Stay Plugged In |
| Be sure to check out the House Small Business Committee on Facebook, YouTube and Twitter for all the latest in Small Biz news and resources and to join the conversation. We value your input, so tell us about your small business on our interactive website Small Biz Open Mic.
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| January 18, 2013 |
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| What We're Reading |
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Small Biz Resources
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| Tweet of the Week |
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@SmallBizGOP RT @DarrellIssa Are @whitehouse policies helping #smallbiz or are they making life harder?
Survey says: http://po.st/vJYPHB #jobs #startup
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