H.R. 9: Small Business Tax Cut Act

[SmellsLikeCurlyFries]

H.R. 9, the Small Business Tax Cut Act, just got out of committee March 28. House Majority Leader Eric Cantor (R-VA7) said yesterday that it will be considered on the House floor sometime this (as in, starting tomorrow) week.

What do you think of it?

 

[IAmCatwoman]

You should link to OpenCongress instead. It's much easier to use in my opinion.

That said, it seems like basic stuff. Though I get the feeling you wouldn't have posted it if there weren't something more controversial hidden between the lines.

 

[SmellsLikeCurlyFries]

You should link to OpenCongress instead. It's much easier to use in my opinion.

GovTrack used to be easier, but then they updated and got fancier. I'll check out OpenCongress though, thanks!

That said, it seems like basic stuff. Though I get the feeling you wouldn't have posted it if there weren't something more controversial hidden between the lines.

Meh, I haven't found anything particularly controversial about it. I was just curious.

 

[EdwinWillers]

H.R. 9, the Small Business Tax Cut Act, just got out of committee March 28. House Majority Leader Eric Cantor (R-VA7) said yesterday that it will be considered on the House floor sometime this (as in, starting tomorrow) week.

What do you think of it?

More pages to an already outrageously bloated tax code.

Wake us up when there's a bill to trim the tax code to less than 5 pages.

 

[SmellsLikeCurlyFries]

More pages to an already outrageously bloated tax code.

Wake us up when there's a bill to trim the tax code to less than 5 pages.

That's a bit unrealistic

 

[Vylo]

I like the idea of making things more competitive by opening up opportunities for small business, but surely we could combine all these efforts into a more concise code so we don't have a million pages of loopholes to contend with.

 

[EdwinWillers]

That's a bit unrealistic

There's always hope that reason and common sense will prevail somewhere in our government.

 

[SmellsLikeCurlyFries]

I like the idea of making things more competitive by opening up opportunities for small business, but surely we could combine all these efforts into a more concise code so we don't have a million pages of loopholes to contend with.

Agreed. I definitely think the tax code is WAY too complicated.

 

[SmellsLikeCurlyFries]

There's always hope that reason and common sense will prevail somewhere in our government.

It's not reason and common sense, though. Taxes need to be lowered and the tax code needs to be trimmed, but five pages? We'd never function.

 

[disciple2011]

H.R. 9, the Small Business Tax Cut Act, just got out of committee March 28. House Majority Leader Eric Cantor (R-VA7) said yesterday that it will be considered on the House floor sometime this (as in, starting tomorrow) week.

What do you think of it?

Can't say yea or nay because the text of the bill does not include what are the qualifications of a small business to be considered qualified for means of this bill.

Vague, should be rewritten and given the verbiage to define the qualifications to the meaning of the measure.

 

[SmellsLikeCurlyFries]

Can't say yea or nay because the text of the bill does not include what are the qualifications of a small business to be considered qualified for means of this bill.

Vague, should be rewritten and given the verbiage to define the qualifications to the meaning of the measure.

Small businesses are already defined by law. It would be redundant for this law to go in and repeat that qualification.

 

[disciple2011]

Small businesses are already defined by law. It would be redundant for this law to go in and repeat that qualification.

But what kind of small businesses. It does not state the code in the law that you are supposed to be guided by.

A well written law then sources what is meant by tax code and legal parameters what is a small business. Is it ANY small business and how small?

Is 50 employees small? Or is it by budget? Or gross or net income? It needs to have sources placed into the bill to make it then easy to see what is a "qualified" small business.

Opens itself up to misinterpretation.

 

[Drekkan85]

The problem with trimming a tax code is that there's always an interest group that someone wants to protect. You could say 25% for all - but then someone will mention that it's already next to impossible to live on 16K a year and doing so on 12K a year is even more so. So you craft cuts there. Then others will complain that you have to protect the good old hardworking American farmers that are victimized by large agribusiness - so credits for seeds purchases.

Then others will say that if you're taxed on gains you should be able to offset said gains with losses in other business/sources of income. Then you get differential capital gains issues.

That's the thing with taxes (like all policy) - everyone has their own little hobby horse and you have to get enough people (and their hobby horses) happy to make the code function. So complex tax codes in major nations become the norm.

And I'm not saying this in a self-interested manner as someone that's practised some tax litigation >.>

Seriously though - tax lawyers make it rain yo.