The Briefing Room
General Category => Economy/Business => Topic started by: rangerrebew on February 06, 2024, 11:13:05 am
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‘A life-and-death scenario’: These small businesses say they’re now forking over 100% of their profits to Uncle Sam
Story by Chris Matthews • 12h
WASHINGTON WATCH
Small businesses in sectors like software and manufacturing are panicking over the expiration of a critical tax deduction that they say could lead to mass layoffs and business closures, unless Congress acts quickly to amend the law.
“This is a life-and-death scenario for small software companies,” Michelle Hansen, co-founder of the geocoding company Geocodio, told MarketWatch.
The tax change that Hansen and other software executives are taking issue with was signed into law by then-President Donald Trump in 2017, as part of a larger tax-code overhaul that slashed the top corporate tax rate from 35% to 21%.
But in order to satisfy Senate budget rules and pass the law with only Republican votes, the bill could not increase the federal budget deficit over a 10-year span.
https://www.msn.com/en-us/money/smallbusiness/a-life-and-death-scenario-these-small-businesses-say-they-re-now-forking-over-100-of-their-profits-to-uncle-sam/ar-BB1hOQ0P?ocid=msedgdhp&pc=HCTS&cvid=4309e3a53a734421adacc7fa58b7a6d1&ei=138