TRALA Urges Congress to Extend All Tax Rates
By extending all the tax rates throughout 2013, Congress would give more certainty to businesses in particular, which would help with hiring and longer-term planning. If any of the tax rates are allowed to expire on December 31, 2012 and federal spending is decreased as predicted, the result according to the Congressional Budget Office, is for a downturn in economic activity, possibly causing a double-dip recession.
TRALA and the other organizations that signed the letter have asked Congress to not only extend tax rates in the coming year but to also begin a discussion on more extensive tax reform sometime in 2013. All sides of the political spectrum are in agreement that we should try to expand the tax base but also lower rates. TRALA has been working with several organizations in discussing possible changes to the tax code and TRALA remains committed to supporting alterations to the code but only if small businesses including flow-through entities such as S-Corps are not saddled with the burden of higher rates or costs. In addition, TRALA has spoken to Members of Congress and staff on this issue and has been given strong indications that this issue is likely to be debated and deliberated in 2013 regardless of the results of the November elections.
The letter was sent to the U.S. House of Representatives earlier today and the U.S. Senate a few days ago. To view a copy of the letter, please click here.
For questions regarding the letter or the issue of tax rates, please contact TRALA's Jake Jacoby at email@example.com or by calling (703) 299-9120.