The Final State of the Union
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Summary:
The owner of Tart Lumber, where Republicans announced their “Pledge to America,” comes out in support of the Small Business Jobs Act the President just signed -- and that Republicans almost universally voted against.
Last week we highlighted some ways in which the Small Business Jobs Bill could benefit Tart Lumber, the small business in Sterling Virginia where Republicans laid out their “Pledge to America.” Apparently, Craig Fritsche, the President of Tart Lumber agrees telling MSNBC’s Ed Schultz last night, “I do like that bill. And I’m glad they’re making efforts to help us borrow money.”
The same Republicans in Congress who mentioned small businesses eighteen times in their “Pledge to America” voted against the Small Business Jobs Bill in the House on the same day...that’s right..they voted against a bill that would potentially benefit the very small business where they rolled out their agenda.
The potential benefits to Tart Lumber in the Small Business Jobs Bill, signed into law by President Obama just yesterday, include:
- Businesses like Tart will be able to immediately write off its first $500,000 in equipment investment next year.
- Investors in firms like Tart would receive zero capital gains on their investments.
- A new Small Business Lending Fund will make capital more available to firms like Tart
- By expanding successful SBA lending programs, firms like Tart will have expanded opportunities to get the loans they need to grow.
And let’s not forget….
In addition to hiking taxes for 110 million middle-class families and millions of businesses, the Congressional Republicans have also consistently opposed the 8 small business tax cuts that the President had already signed into law:
- A New Small Business Health Care Tax Credit
- A New Tax Credit for Hiring Unemployed Workers
- Bonus Depreciation Tax Incentives to Support New Investment
- 75% Exclusion of Small Business Capital Gains
- Expansion of Limits on Small Business Expensing
- Five-Year Carryback of Net Operating Losses
- Reduction of the Built-In Gains Holding Period for Small Businesses from 10 to 7 Years to Allow Small Business Greater Flexibility in Their Investments
- Temporary Small Business Estimated Tax Payment Relief to Allow Small Businesses to Keep Needed Cash on Hand
