Let Them Eat Cake
When it comes to small business, a new tax-cut bill is half-baked.
With the 2004 congressional session drawing to an end,small-business advocates were trying to get at least a thin layerof icing applied to the big-business tax cut cake coming out of theCapitol Hill oven. The rich confection, baked by both Republicansand Democrats, was the bill instituting numerous new tax incentivesfor U.S. manufacturers, who would no longer have access to theForeign Sales Corporation/Extraterritorial Income (FSC/ETI) taxregimes declared illegal by the World Trade Organization.
Supporters of small businesses who are on the Senate-Houseconference committee attempted to add a uniquely small-businessamendment to the FSC/ETI bill, which was almost sure to passCongress and be signed by President Bush. That amendment wouldenhance the Section 179 expensing provision included in the Jobs& Growth Tax Relief Reconciliation Act of 2003. The billincreased the amount of equipment small businesses may expense from$25,000 annually to $100,000, but only through the end of 2005.
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