New Jersey Newsroom

Seventy N.J. Small Business Owners Call For End To Corporate Loopholes, Expiration Of Tax Breaks For Top 2 Percent

New Jersey Newsroom — Wednesday, December 19, 2012

Seventy small business owners, part of the New Jersey Main Street Alliance, gathered at an Asbury Park small business on Wednesday to present signed letters concerning the fiscal cliff economic crisis.

As lawmakers in Washington begin to come to agreement in negotiations on the fiscal cliff, small business owners in New Jersey raise concerns about the proposed deal. In contrast to the corporate and big business lobbyists such as "Fix the Debt", small business owners are concerned about drastic changes to middle class programs like Social Security, Medicare and Medicaid, and called for revenue raising options such as the expiration of Bush era tax breaks for the top 2% for corporations to pay their fair share of taxes.

Business owners are concerned that the threat of the fiscal cliff will end in lawmakers cutting a bad deal — one which includes major cuts to infrastructure and federal programs such as Medicare, Medicaid and Social Security.

"If politicians really cares about small businesses, they would protect these programs that we rely on for retirement, instead of the corporate CEO's who refuse to pay their fair share" said Eileen Shrem, owner of Your Partner in Insurance. "In addition to taking health care away from small business owners, these cuts would drain billions of dollars from local economies and reduce consumer demand. Small business owners rely on a healthy customer base and a strong economy, and we need further investment, not spending cuts."

Samia Bahsoun, owner of S2 Associates International explained: "If you talk to real small business owners like the ones here in Asbury Park —the retailers, the hairdressers, the bookstore owners, local auto mechanics, the restaurant owners, you will know that they aren't worried —97% of small businesses aren't in that top tax bracket" "Our concern right now is a stronger middle class and more customers with money in their pockets."

"Our small businesses are engines of economic growth in our New Jersey communities and are especially critical to our local economies as we recover from Superstorm Sandy," said Congressman Frank Pallone, Jr. (NJ-06). "Any fiscal cliff deal must reflect a balanced approach that asks the wealthiest Americans to pay their fair share, does not place the burden on our small business owners and middle class Americans and protects important federal programs like Medicare and Medicaid."

Ending corporate loopholes was discussed as a way to raise revenue. "Corporate tax-evasion tactics have led to a smaller effective tax rate for big corporations- which has put small businesses at a competitive disadvantage" said Corinne Horowitz of NJ-MSA "Now is a time to right that wrong and raise much needed revenue. It is not the time to lower corporate taxes for a revenue-neutral deal. It is time to return corporate taxes to historical levels in order to reduce the deficit and protect small businesses and middle class programs such as social security, Medicare and Medicaid.

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The New Jersey Main Street Alliance is a statewide network of local, independent small business owners across New Jersey. NJ-MSA, a project of New Jersey Citizen Action, creates opportunities for small business owners to speak for themselves on issues that impact their businesses and local economies. Check out nj.mainstreetalliance.org.

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