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H.R. 976, The Children's Health Insurance Program Reauthorization Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing revision saved on July 31, 2007, 17:57:28 (webmaster), with revision saved on August 1, 2007, 17:58:09 (webmaster):
H.R. 976 would amend the Internal Revenue Code of 1986 to provide tax relief for small businesses.
== Detailed Summary ==
<summary>
Small Business Tax Relief Act of 2007 - Amends Internal Revenue Code provisions relating to small business to: (1) extend through 2008 the work opportunity tax credit: (2) qualify certain individuals between age 18 and 40 living in an empowerment zone, enterprise community, or renewal community for the work opportunity tax credit and expand the eligibility for, and amount of, such credit for certain disabled veterans; (3) increase to $125,000 (adjusted for inflation) the expensing allowance for small business assets and extend such increased allowance through 2010; (4) allow employers to claim a business tax credit for social security taxes paid with respect to employee cash tips without regard to any increase in the federal minimum wage rate; (5) allow a full credit against alternative minimum tax liability for the work opportunity tax credit and the employer credit for social security taxes paid with respect to employee cash tips; (6) treat certain businesses jointly owned by married couples as sole proprietorships for tax purposes; (7) deny preferential tax rates on capital gains and dividend income to certain dependents of taxpayers; and (8) grant the Internal Revenue Service with an additional four months to notify taxpayers of tax deficiencies before the suspension period for interest and penalties on underpayments takes effect.
Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax rate for corporations with assets of not less than $1 billion in the third quarter of 2012.
</summary>
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== Status of the Legislation ==
<status>
Latest Major Action: 7/30/2007:7/31/2007: Senate floor actions. Status: Cloture on the motion to proceed to the measure invoked inMeasure laid before Senate by Yea-Nay Vote. 80 - 0. Record Vote Number: 285.motion.
</status>
<!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. -->
== Points in Favor ==
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== Points Against ==
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Visitor Comments
Terra
May 11, 2007, 6:33am (report abuse)How about tax relief for everybody?
Ken
May 19, 2007, 9:07pm (report abuse)I agree. Tax corporations who run the country, and repeal the income tax for all individuals, except those raking in more than the cost of the median US home price.
kenb
May 25, 2007, 12:57pm (report abuse)Your metric of a $6.73 savings per family has no bearing on this bill. I don't have a small business, so I don't get a saving.
towman
June 27, 2007, 11:01am (report abuse)Read the bill! It appears to limit the tax relief a trust-fund baby under 24 can obtain. In other words, they pay higher taxes for not having a job...Sounds good to me, but will it pass?
doh
August 8, 2007, 5:37pm (report abuse)I found this on google
Dubya
September 17, 2007, 7:19pm (report abuse)When all is said and done, the tax on tobacco products will not sate their appetite. But, they have a "Law" once the President sings it and therefore are authorized to take the money from any and all sources to fund their 'socialized insurance', the Socialists' dream.
They start off by taxing 'only 5.0% with 95% supporting their idea, how can it go wrong? Once it is 'Law' they can shift the money from any and all incomes to finance it! You will all pay.
Great Danes
October 1, 2007, 9:39am (report abuse)Hey I smoke and I'll tell you ..If these guys think I'm going to be taxed to death and then NOT be able to Smoke...GUESS WHAT I DO......I QUIT!!
Now WHO PAYS FOR THIS??? YOU DO!
Gary
October 1, 2007, 6:19pm (report abuse)Most people fail to understand, Corporations don't pay taxes per say. The taxes that they pay are passed right to us that purchase their product or service. So if the government increases the tax to corporations, their price of product/service goes up to us, the consumer to off-set the higher tax burden on them
Ann
October 2, 2007, 8:27am (report abuse)Look, small business is good. It allows smaller business to hire people and give them some way to help them with medical.
Jobs is everyone's business.
Gary's right, they pass the cost of taxes to the comsumer.
Incomes have not rised with the rate of inflation. Larger corporations net profit has increased, but employee income under the line of executives has not. When the coporations take away some of the benefits from those employees because they say they cannot afford it, then employees are forced to get help someplace else. It's one thing to be a healthy adult and have to pay occasional medical bills when you are sick, it's quite another not to get regular medical for the kids. It's not just about socialized medicine, it's about making sure the children have medical regardless of benefits or have, or not have. We were all kids once.
Bob
October 4, 2007, 9:08pm (report abuse)Why is there rarely any mention about how much a the tax on a pack of cigaretts would be, not only cigaretts byt any form of tobacco products including rolling papers.
http://thomas.loc.gov/cgi-bin/query/F?c110:7:./temp/~c1103m5nSR:e332435...
Mia
October 15, 2007, 9:31am (report abuse)I don't want this bill at all but here are some other problems: where are the requirements from the feds to the states to REQUIRE means and assets testing? It is ridiculous that a family can have $400,000 in property, 4 kids in private school, 3 newer cars, part-time jobs that pay $45,000 and get benefits. This is not an example of the working poor. This is an example of a family who is better off than I am BUT I am paying my own way.
The reason I am against this bill is because it is another example of creeping socialism. Our government is trying to steal our liberties slowly and we are asleep. If we don't stop them now, with this bill and with each bill like this they will get away with it. Stop going to DC with your hand out. Each time you do you lose a piece of your freedom.
D-Bo
October 16, 2007, 7:42pm (report abuse)This is the only site I have found with a direct link to the actual bill. Independent thinkers can read the bill and come to their own conclusions. Everyone should try it instead of being spoon-fed BS by the media.
After reading the bill, I've found a couple of shortfalls. A) States are required to match the contribution made by the feds. Some states are poorer, and may not be able to contribute as much. B) There isn't a contingency plan in case tobacco & para. taxes do not meet their projected income. C) The bill provides coverage from the womb to adulthood.
The biggest problem with the bill: Consequences of poor decisions made by reproducing adults are now society's responsibility.
Jonathan
October 22, 2007, 12:55pm (report abuse)I think there is a misconception about corporations and taxes. I own a small IT consulting company and trust me, corporations pay a lot of taxes that can't simply be passed on to consumersl.
If government spending was in check and foreign policy particularly in the middle east was more realistic, the government could fund this bill without implementing additional taxes of any sort.
The biggest problem is that neither the president or congress have a clue about how to effectively utilize the military using effective strategies that combat terrorism and the guerilla tactics presented by many radical islamic fundamentalist.
Stop using the military in Iraq for policing which should allow the military to significantly downsize from Iraq, refocus on al Qaeda and killing Bin Laden and his top aides, and fund H.R. 976 with a fraction of the funds that would have been wasted in Iraq!
Cigar Man
October 29, 2007, 7:08pm (report abuse)VOT NAY ON THIS BILL. The tax increase on cigars is crazy. $3 per cigar is more than double of many good hand rolled cigars cost. This price increase is going to cause many small business owners of cigar stores to go out of business. The impact of this tax will send shock waves through south american countries that struggle much more than us americans. Most of nicaragua, honduras, and dominican republic use money from the cigar industry to survive and a large number of these people are women with children. The tax increase will fail to raise money to fund this program because many cigar smokers will not buy enough cigars at this elevated price. VOTE NO ON SCHIP and keep your hands of my smokes.