Panel Tax Code Plan Has Micro Goodies
Apr 14th, 2008 | By Dawn R. Rivers | Category: Politics & PolicyThe House Small Business Committee held a hearing last week, which was endowed by the Committee majority with the title “Modernizing the Tax Code: Updating the Internal Revenue Code to Help Small Businesses Stimulate the Economy.” Of course, both hearing witnesses and Committee Republicans used the occasion to lobby hard for making the 2001 and 2003 tax cuts permanent and there was little testimony that was relevant to microbusinesses. On the other hand, the accompanying report released by the Committee contained seven proposed tax tweaks that won’t do much to simplify the tax code but will help micros lower their taxes. Included are recommendations to let the self-employed deduct health insurance premiums as a business expense, create a standard home-office deduction, and make business meals and entertainment 80% or 100% deductible. No word on how any of this stuff would be paid for but there is plenty here to make a microbusiness smile, even this close to April 15th.
