Today and tomorrow the Senate will vote on President Obama’s announced deal to extend for two years all of the tax cuts, both those from the Bush years and those for low-income workers from last year’s stimulus package. Under this proposal, recently expired benefits for the long-term unemployed would also be extended for another 13 months. In addition, the agreement would cut payroll taxes for one-year. What does all this mean for entrepreneurs?
The unemployment pressure does not appear to abate. Layoffs continue and despite massive government intervention for economic recovery, there is little evidence of anything more than a slow, prolonged recovery. This week it is likely the compromise deal will go into law but when tax reform is eventually revisited, it is time for policymakers to consider new ways at using the tax code to incentivize actions that lead to economic growth and reward those who put their wealth to work in expanding the economy.
To read the full, original article click on this link: A Tax Code for Job Creators and Growth - Entrepreneurship.org
Author: Jonathan Ortmans is president of the Public Forum Institute, a non-partisan organization dedicated to fostering dialogue on important policy issues. In this capacity, he leads the Policy Dialogue on Entrepreneurship, focused on public policies to promote entrepreneurship in the U.S. and around the world. In addition, he serves as a senior fellow at the Kauffman Foundation.
