Businesses Fight Over Minimum-Wage Law
The business community is divided over minimum-wage legislation making its way through the Senate. While small businesses are celebrating the tax incentives included in the bill, major corporations are frustrated by the Democrats' requirement that every new tax break be matched by either a tax increase or a closed loophole.The business community is divided over minimum-wage legislation making its way through the Senate. While small businesses are celebrating the tax incentives included in the bill, major corporations are frustrated by the Democrats’ requirement that every new tax break be matched by either a tax increase or a closed loophole.
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The bill also includes business tax credits, deductions and other tax advantages worth $8.3 billion over 10 years that are designed to help small businesses overcome potentially higher labor costs.
To help pay for the cost of those tax breaks, corporations no longer would be able to deduct the cost of jury verdicts or settlements in liability suits against them and their executives’ tax-deferred pay packages would be capped at $1 million a year.
[…]The rift stems from the new Democratic Congress’ approach to tax relief, which requires that every tax dollar lost to a new tax break be offset by a tax increase or closed loophole elsewhere. It also signals the new Democratic majority’s willingness to pay heed to the small business community even as it irritates larger corporate interests.
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