The National Small Business Association is warning that some of the tax proposals in President Obama’s business tax reform framework could hurt small businesses.
Treasury Secretary Timothy Geithner unveiled the Obama administration’s business tax proposals on Wednesday, which include lowering the top corporate income tax rate from 35 to 28 percent, and eliminating dozens of tax loopholes and subsidies (see Obama Proposes Business Tax Reforms). The administration is also advocating making the Research & Experimentation Tax Credit permanent, doubling the deduction for business startup costs, and increasing the Section 179 expensing level to $1 million.
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