Today In Washington
November 28, 2017
Source: AEO Government Relations Team, Madison Services Group
Tax Reform: Ready, Set, Go!
Today, the Senate Budget Committee is scheduled to vote on the Senate GOP version of the “Tax Cuts and Jobs Act.” The vote is expected to be close. Senator Ron Johnson (R-WI), a Committee member, has come out against the bill amid concerns that it does not do enough for pass-through entities. Senator Bob Corker (R-TN), who also sits on the Senate Budget Committee, has indicated that he could vote against the bill amid concerns about the deficit. The GOP holds a slim one-seat majority on the Committee, making today’s vote a crucial test of the viability of the Senate tax reform package. President Trump is expected to attend a Senate GOP lunch to rally support.
Today, President Trump is scheduled to meet with House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), House Minority Leader Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) in separate meetings to discuss a way forward on government spending for the balance of FY 2018. The federal government is operating on a Continuing Appropriations Resolution (CR) that expires on December 8.
Microbusiness in America
Yesterday, the SBA Office of Advocacy released a report on the impact of microbusiness on the national economy. Some takeaways:
• Microbusinesses accounted for 11% of the 13.7 million new jobs between 2010-2016.
• In 2014, 64% of microbusinesses were over five years old and accounted for 67% of microbusiness employment.
• America’s 3.8 million microbusiness employers made up 74.8% of all private sector employers in 2016, and they provided 10.3% of the private sector jobs.