Senate Republicans successfully blocked a Democrat-backed bill that would have extended tax cuts to small businesses. The bill would have allowed tax breaks for small businesses that added to their payroll through either hiring new employees or increasing pay.
Republicans however filibustered against the bill, ensuring it was seven votes short of what it needed to move forward. Both sides, however, are calling foul and insisting that the other is playing toward voters in the upcoming election. Senate Majority Leader Harry Reid (D-Nev.) blames the filibuster on the GOP’s efforts to make President Obama lose some credibility. The GOP, however, believes the legislation was merely a campaign ploy and didn’t have any real chances of improving the economy.
For more information on tax options for your small business or to inquire about our services, contact that experienced McAllen CPAs at Gonzalez and Arrambide, Inc., at 956-447-9009.