Today the Senate is considering a measure known as a “sense of the Senate” that any agreement on raising the debt ceiling also require those making $1 million or more to “make a more meaningful contribution to the deficit reduction effort.” This measure is simply a resolution and has no legislative teeth.
However, any attempt to increase taxes on small business owners would have a direct and negative impact on small and medium-sized manufacturers.
More than 70 percent of small and-medium sized manufacturers file at the individual rate and would be directly impacted by such a tax increase which would hurt their ability to create jobs and grow. Manufacturers have been leading the economic recovery and now is not the time to increase taxes on job creators.
Dorothy Coleman is vice president for tax and domestic economic policy, National Association of Manufacturers.