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Congress is currently considering legislation to extend Permanent Normal Trade Relations (PNTR) with Russia. Approval of PNTR with Russia will greatly boost U.S. exports, create tens of thousands of American jobs, and is one of the U.S. Chamber's top trade priority before Congress this year. As part of the Chamber's efforts, NAEDA has signed on to a Chamber coalition letter stressing how important Russia's graduation from Jackson-Vanik is to the American business community. As the 11th largest economy in the world, Russia presents a huge opportunity to increase U.S. agricultural and other exports and create American jobs.
Additional signatories are still being collected for the letter. The final letter will be available on NAEDA's Web site when it is sent to Congress later in June.
The Senate has approved legislation that would reauthorize the Export-Import Bank after rejecting five Republicans amendments, including a proposal to shut down the bank.
The bill was approved 78-20 — with all 20 “no” votes cast by Republicans — and now goes to President Barack Obama for his signature. The House passed the measure last week 330-93.
A new study from accounting firm Ernst & Young, released July 17 by the National Federation of Independent Business (NFIB), shows that allowing tax cuts to expire on top individual rates is likely to hurt job creation and the economy, particularly small business job creators.
The study says potential tax rate increase scheduled to start Jan.1, 2013 would directly impact small business organized as S corporations, partnerships, LLCs and sole proprietors, which make up about 75 percent of all small businesses.
A new study shows proposed changes to the tax code restricting the use of cash accounting by agricultural operations would reduce agriculture's access to capital by as much as $12.1 billion over the next four years.