President Vetos Small Business Tax Breaks

President Bush vetoed the supplemental appropriations bill Congress narrowly passed last week. The bill, which primarily would have provided money necessary to continue military operations in Iraq, also included a set of tax breaks for small businesses.

Congressional leaders have gone back to the drawing board with the difficult task of crafting a bill that can win a majority of votes in the House and Senate, be signed by the President, and be enacted within the next two weeks so that the military doesn't run out of money.

If the first two challenges cannot be overcome quickly, Congress might send the President a non-controversial bill that funds the war for two months. Such a bill would not include the tax provisions. However, if Congress does produce a second supplemental bill soon, the tax provisions are expected to be included.


AccountingWEB.com May-8-2007
Categories: Small Business, Legislation, Government, News Archives
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Number of comments: 2


User comments TIMOTHY BACHICHA , May-11-2007  Rating
wrong headline
Not only did that bill contain tax breaks for small businesses, it also contained much needed help for farm/ranch businesses. If the Congress had really wanted these to pass they would not have put them in the bill with the Iraq war provisions. Typical partisan politics! And your headline only helps that. I am disappointed in you.
 

User comments Pat Eure , May-10-2007  Rating
Veto
Your lead line sounded like President Bush just vetoed the small business tax breaks and then the article mentioned the money for the war. He vetoed the bill because there was a deadline for pulling out of Iraq and the funding for our military. Unfortunately, the business tax deductions were attached to it. Perhaps our leaders should have submitted the tax provisions for small business, with out attaching it to the war effort, if they were really interested in it passing.
 
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