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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.