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Senate Republicans’ Tax Breaks Not Just for Small Businesses |
Senate Republicans said they added tax breaks to the minimum wage legislation to help small businesses. But now the nonpartisan Congressional Research Service (CRS) reports the billions in tax breaks are not limited to small companies. At least two of the tax breaks could put millions into the pockets of large corporations as well.
In recent weeks, the House and Senate each passed a minimum wage bill to increase the current $5.15 an hour rate to $7.25, the first increase in a decade.
The House passed a clean bill—no tax breaks or corporate giveaway, just a long-overdue raise for millions of hard-working people. Senate Republicans rejected the clean House bill and insisted on adding an $8.3 billion package of “small business” tax breaks and incentives—even though companies have received some $300 billion in tax breaks since minimum wage workers last got a raise.
The CRS reports that two of the Senate’s provisions include tax preferences that could benefit firms of all sizes, including:
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Extending a 15-year cost-recovery period for restaurant and retail property improvements through March 2008. This credit would benefit major national restaurant chains and retail stores that make improvements to their property as well as the mom-and-pop corner diner.
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Extending the work opportunity tax credit of up to $8,500 for each person in certain target groups—such as welfare recipients, ex-felons and high-risk youths—that a company hires.
CRS did not estimate how much big businesses could benefit from these breaks.
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What kills me is that there is a study out there that shows that small business actually benefit from minimum wage increases because people in their community have more money to spend and they spend it locally.
ARG!
So much for bi-partisanship, Pelosi’s hundred hour pledge gave a minimum wage increase of a lousy 2.15 over TWO years, and yet these greedy sob’s want more and more. Then when I read that 28 senators voted on a bill they presented to get rid of the Minimum Wage entirely, and that the media had not even reported this disgusting greedy bill and it’s votes, I hit the ceiling. I had to do a cartoon on this topic since people will read a cartoon before they read an article.
see the cartoon, Minimal progress with the Minimum Wage” at my website;
http://www.whatnowtoons.com/#079
For all the hoopla over “winning” in November, simple fact is that Repubs retain major power in Senate and of course veto power in the Oval Office.
To pass the senate, trade off will be required. Those two mentioned are ones “we can live with”. Yes, greed does play a major role in leglislation and bipartisan concensus is a myth.
The Chamber of Commerce is enguaged in a major stop the effort rally as we in labor are dedicated to going forward. Look for fireworks in the senate and a possible presidential veto if this passes.
“Free Enterprise” at work.