05/ 30/ 2007
The U.S. Congress approved a supplemental Iraq spending bill that included legislation to increase the federal minimum wage from $5.15 to $7.25 an hour, as well as a $4.8 billion tax-relief package. Unfortunately, this package offered little for the small businesses most impacted by the mandated wage hike.
While still containing the increased and extended expensing limit NFIB worked to include, other important provisions, such as reduced depreciation, were eliminated. As expected, President Bush vetoed the bill over provisions regarding Iraq, forcing lawmakers to revisit the legislation. We will continue to push for a better tax-relief package as the process moves forward. Go to www.NFIB.com for the latest on this legislation.
