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SBE Council lauds Senate passage of 3% withholding tax repeal

Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan issued the following statement following passage of legislation in the U.S. Senate to repeal the 3% withholding tax on government contractors:

“Small business owners are benefitting from a burst of bipartisan activity to promote certainty, business confidence and economic recovery. Repeal of the 3% withholding mandate is one such initiative that makes economic and fiscal sense. With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts due to new costs and cash flow constraints spawned by the withholding tax, repeal makes absolute sense. Taxpayers and government at all levels also benefit from repeal. Small business owners look forward to President Obama signing this important legislation, and we thank him for endorsing the legislation as it moved through the U.S. House and over to the Senate.

“With passage of the 3% withholding tax repeal legislation, we look forward to the Senate extending its streak of bipartisanship by focusing on other critical small business issues. The House-passed ‘Entrepreneurs Access to Capital Act,’ H.R. 2930, received over 400 votes. This innovative legislation will unlock large pools of capital for small business owners while protecting investors. Entrepreneurs with scalable businesses are in need of capital to grow and create jobs. Now is the time to act on this critical piece of legislation.”

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