Olympia Snowe: “I join Senator Kerry in my disappointment that this provision that would benefit retail operations like Greenacres…”

“I join Senator Kerry in my disappointment that this provision that would benefit retail operations like Greenacres Kennel Shop in Bangor, ME, was not included in the conference agreement of the supplemental appropriations bill. The provision originated from legislation, S. 271, that I introduced with Senators Lincoln, Hutchison, and Kerry to provide relief and equity to our Nation's 1.5 million retail establishments, most of which have less than five employees. This bill will simply conform the Tax Code to the realities that retailers on Main Street face. Despite the fact that small businesses are the real job-creators in our Nation's economy, the current tax system is placing an entirely unreasonable burden on them when trying to satisfy their tax obligations. What is most troubling is that companies that employ fewer than 20 employees spend nearly $1,304 per employee in tax compliance costs, an amount that is nearly 67 percent more than larger firms. As a result, I was most pleased when the chairman and ranking member included this modest proposal as part of the small business tax relief package. Unfortunately, the provision did not survive conference negotiations with the House.”