07/ 31/ 2003
Small business owners will get to keep an average of $2,209 this year, thanks to the tax relief plan recently signed by President Bush.
The package contains three key provisions encouraging small businesses to expand and help fuel the nation's economy.
The bill reached the president's desk in part because of a massive campaign pushed through Congress on the shoulders of small business owners. In the weeks leading up to the votes, members of the Bush administration blanketed the country with one message: Helping small business is the best way to grow the economy.
Eleven NFIB members attended the bill signing in the East Room of the White House. After Bush signed into law the third-largest tax package in history, he mentioned how it would help small business owners like NFIB member Scott Harding, owner of Rockville, Md.-based FB Harding Inc.
"No matter how complicated tax policy may seem here in Washington, people like Scott understand it all too well," Bush said. "If businesses keep more of their own money, their workers benefit right away. By leaving families and entrepreneurs more to spend, more to save, more to invest, these reforms will help boost the entire economy and create jobs."
How The Tax Cuts help Small Business: The Money You'll Save
- Reduced income tax rates
- Quadrupled expensing limits, from $25,000 to $100,000
- Cuts in dividend and capital-gains taxes to spur investment
This article originally appeared in the August/September 2003 issue of MyBusiness magazine.
