Today the Senate passed a bill which will extend and add
tax breaks to small businesses. In all the bill provides $8 billion worth of tax cuts to small business.
The bill, which passed by a landslide, is part of a minimum wage increase. Minimum wage will go up $2.10 an hour to $7.25 an hour. The House passed the bill last month minus the tax benefits for small businesses. Small business owners were opposed to the bill. Minimum wage hasn't gone up since 1997.
President Bush and Senate Republicans made it clear they wouldn't pass the Democrat's minimum wage hikes without tax breaks for small businesses. The bill extends tax credits for businesses that hire the disadvantaged. It also provides tax advantages for expensing and depreciation.
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