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The Big “I” commended President Barack Obama and the Republican leadership in Congress yesterday for their agreement in principle extending the 2001 and 2003 tax rates for two years.
“The Big ‘I’ is pleased with the bipartisan announcement by President Barack Obama and the Republican leadership in Congress on an agreement to extend the 2001 and 2003 tax rates,” says Robert Rusbuldt, Big “I” president & CEO. “Many small businesses, like the majority of Big ‘I’ agencies, tend to pay taxes at individual rates and would be hardest hit at a time when our country is trying to dig out of a recession.”
The tax deal reportedly includes a two year extension of current marginal tax rates, dividend and capital gains tax rates, sets the estate tax rate at 35% with a $5 million exemption, includes a 2% Social Security payroll tax reduction, extends unemployment insurance for another 13 months and provides for an alternative minimum tax (AMT) patch through 2011.
“Passing an extension of all current rates would remove the uncertainty looming over the tax code, bolstering our economy and allowing small businesses to plan, hire and expand,” says Charles E. Symington, Big “I” senior vice president of government affairs. “We urge the Senate and the House to promptly vote on the agreement by the end of the year to avoid a huge tax increase on small businesses.”
Unless Congress passes legislation to prevent these tax increases and President Obama signs the bill into law by the end of the year, many Big “I” members will be greatly impacted.
The Big ‘I’ also congratulated Rep. Spencer Bachus (R-Ala.) on his being selected as Chairman of the House Financial Services Committee,” says Robert Rusbuldt, Big “I” president & CEO. “We have worked closely with Chairman Bachus and his team for many years and he will make an excellent chairman.”
Rep. Bachus is in his ninth term representing Alabama’s sixth congressional district located in the central part of the state, including Birmingham. According this his official website, he supports tax relief, and fiscal responsibility, has been named Guardian of Small Business by the National Federation of Independent Business, Friend of the Taxpayer by Americans for Tax Reform and has received the Spirit of Free Enterprise Award from the U.S. Chamber of Commerce.