By Jay Heflin - 08/23/10 02:55 PM EDT
"This Congress has enacted eight separate tax cuts for small businesses, made health insurance more affordable, and fought to get credit flowing — time and again, over Republican opposition," states a release from the House Majority Whip James Clyburn (D-S.C.).
The tax measures include a break for businesses hiring unemployed workers and a credit for keeping them on the books; a credit aimed at helping small businesses better afford health insurance coverage for their workers; allowing companies a refund on past tax payments to the IRS, doubling the expensing for capital purchases; increasing bonus depreciation; increasing the capital gains exclusion for investing in a small business; reducing estimated tax payments to the IRS; and providing tax relief for certain companies converting to S corps.
Democrats will also talk up the new credit-related provisions that went into effect on Sunday.
Credit card penalty fees now must be reasonable and proportional, and any increase in the card's interest rate must be re-evaluated every six months and reduced if needed.
By focusing on small businesses, Democrats hope shore up support for their reelection bids and also build momentum in the Senate for passing legislation that provides loan opportunities and tax relief to these companies. The measure has already passed the House, but stalled in the Senate just before members adjourned for the August recess.