Revenue Raisers in Minimum Wage Bill Are Deal Killer, Says U.S. Chamber
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The U.S. Chamber is opposing passage of a minimum wage bill in the Senate because the cost of revenue raisers would outweigh the benefits of the "sweeteners" aimed at easing the impact of a higher wage on small businesses.
The legislation would raise billions in revenue by preventing companies from deducting the cost of settlement agreements with government agencies and limiting the deductibility of executive compensation, among other things.
The bill would extend tax breaks that allow small businesses to deduct up to $112,000 in new investments a year. It also would reduce the depreciation period for improvements to retail properties and extend a tax credit for businesses that hire low-income or disadvantaged workers.
The Chamber pointed out the tax increases would be permanent, while the benefits to small businesses —which it strongly supports—would be temporary.