November 18, 2004
NASE Meets New IRS Division Commissioner
Simplifying the tax code for micro-businesses is a top priority for the NASE. Yesterday, your advocates in Washington took this issue to the new commissioner of the IRS Small Business/ Self-Employed Division, Kevin Brown.
Commissioner Brown told a gathering of small business organizations that he wanted to continue open communication with the groups, who let him know about the concerns of the self-employed and small business owners. Over the past several years, the IRS has made an effort to listen to and address problems the NASE and other associations have raised as issues for our Members.
Commissioner Brown also said that he wanted to crack down on tax scams, particularly those that have targeted home-based businesses.
The NASE hopes to work with Commissioner Brown and the IRS Small Business/ Self-Employed Division to simplify the tax code and lessen the tax burden and inequities faced by micro-businesses and the self-employed. For more information on the work this IRS division does for the self-employed, visit http://www.irs.gov/businesses/small/index.html.
|
SBA Advocacy Office Releases Latest Small Business Stats and Trends
The Office of Advocacy of the U.S. Small Business Administration recently released two reports showing the impact of small business on the national and state economy.
Analyzing 2003 data, The Small Business Economy 2004 reports that signs of economic recovery began to appear in mid-2003, led by small businesses. For example, the number of unincorporated self-employed increased by 3.7 percent during 2003, and sole-proprietorship income increased by 6.2 percent.
The second report, Small Business State Profiles, gives an overview of the importance of small businesses in each state. Each state profile has estimates of the total small businesses in each state, as well as small employer and non-employer firms. In addition, the reports show growth trends and data on women micro-business owners. For example, in Texas there are 891,016
self-employed individuals, and in Washington, 95,316 women own their own business.
For more information on these reports, visit the Office of Advocacy Web site.
SBTV.com Launches Program on Television
SBTV.com, the online television program devoted to news of interest to the small business market, is now on TV. The “Small Business Beat” program launched this week, and airs on Tuesdays and Thursdays at 7:30 p.m. EST on the Healthy Living Channel and on Sundays at 11:30 a.m. EST on the Men’s Channel. The program reaches 2,100 markets across the country, bringing important small business news into your living room.
SBTV.com features video segments on how to run your business, inspirational success stories, information on small business conferences and associations, and resources to provide you with solutions for your business. Divided into eight news channels, you can find stories about marketing, planning for retirement, franchising, women business certification and much more.
For more information, visit http://www.SBTV.com.
Bush to Focus on Extending Tax Cuts and Expanding Retirement Savings in 2005
Before taking the oath of office for his second term, President Bush is already laying out his domestic agenda for the next four years. Included in the agenda are expanded retirement savings initiatives and extensions of expiring tax cuts, two issues the NASE will follow closely.
Over the next few years, many of the recently enacted income tax breaks are set to expire, including the break for married couples, 15 percent top rate on dividends and capital gains, and gradual repeal of the estate tax. Bush believes making these tax cuts permanent will continue to boost the economy.
Additionally, Bush indicated that he wants an ambitious overhaul of Social Security. The current system is in a bad financial position because of the way it was set up in 1935. Then, there were about 42 workers paying into Social Security for every retiree collecting. Aging baby boomers have made that ratio closer to three workers for every retiree. Bush likes the idea of allowing workers to open individual retirement savings plans, similar to 401(k)s, with some of their payroll taxes.
The NASE Social Security policy position:
Opposes further payroll tax increases or tax inequities for the self-employed, Avoids any change in promised benefits to current and near retirees, Maintains a "minimum benefit" safety net for all retirees, Reduces the huge unfunded liabilities for the Social Security system, and Permits a portion of Social Security taxes to be allocated to personal retirement accounts that workers would own themselves.
For more information, visit the NASE Legislative Action Center at: http://advocacy.nase.org/issue_briefs/social_security.asp
|
