According the Joint Committee on Taxation, “Plan B,” the Permanent Tax Relief for Families and Small Business Act of 2012, protects 740,000 more small businesses from being hit with a tax hike than the Democrats’ plan would. It would also protect half of the small business income the Democrats targeted for higher taxes.
No wonder small business organizations are voicing support for Plan B:
National Association of Wholesaler-Distributors: “…we support the Speaker’s Plan B as a viable option to ensure the taxes do not automatically rise on everyone, providing a $4 trillion windfall to a President clearly willing to spend us into bankruptcy.”
National Federation of Independent Business: “On behalf of the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, I am writing to strongly support the Speaker’s substitute amendment to H.J. Res. 66. This amendment would permanently extend nearly all of the tax provisions that are important to small businesses, providing much-needed economic certainty and long-term tax relief for small businesses.”
National Roofing Contractors Association: “The National Roofing Contractors Association (NRCA) strongly supports the Speaker’s substitute amendment to H.J. Res. 66, legislation that will preserve current pro-growth tax rates for nearly all taxpayers. It is imperative that Congress act expeditiously to avert the looming tax increases scheduled for January 1, 2013, which could do serious harm to economic growth.”