Orrin Hatch: “I support the tax provisions included in H.R. 3448, the bill now before us. These provisions are important, not only to…”

“I support the tax provisions included in H.R. 3448, the bill now before us. These provisions are important, not only to small businesses, but to almost every American business. And, I am one who believes, Mr. President, that simplifying and lessening the tax burden faced by American entrepreneurs--both small and large--will have substantial benefits for workers as well. Unfortunately, the detriments of the minimum wage increase, which is also included in this bill, outweigh the benefits of the tax provisions in this bill. Mr. President, H.R. 3448 has much to recommend it. For example, I am pleased to see that the bill increases the amount of newly purchased equipment that a small business can expense from the current $17,500 to $25,000. This change will make it easier for these enterprises to afford to invest in new equipment. This will help not only small businesses but also those larger companies that supply equipment to them and will thus have a multiplier effect on the economy. Moreover, increasing the expensing allowance will decrease the recordkeeping burden these companies face. This bill also goes a long way toward reforming the tax treatment of S corporations.”