NOW:53129:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
37°
H 45° L 33°
Cloudy | 26MPH

This Just In ...

Kevin Fischer is a veteran broadcaster, the recipient of over 150 major journalism awards from the Milwaukee Press Club, the Wisconsin Associated Press, the Northwest Broadcast News Association, the Wisconsin Bar Association, and others. He has been seen and heard on Milwaukee TV and radio stations for over three decades. A longtime aide to state Senate Republicans in the Wisconsin Legislature, Kevin can be seen offering his views on the news on the public affairs program, "InterCHANGE," on Milwaukee Public Television Channel 10, and heard filling in on Newstalk 1130 WISN. He lives with his wife, Jennifer, and their lovely young daughter, Kyla Audrey, in Franklin.

A Little Known Tax Headed Your Way

Friends of the US Chamber

     
   


Little-Known Tax.  Massive Impact.


Join Our Efforts to Repeal the “3% Withholding Tax”



A little-known federal tax that has the potential to bust the budget of your state and
local governments, result in higher taxes, and threaten small businesses, doctors and
farmers is headed your way.

Few have heard of it, but many will be affected – unless we can stop it before becoming
law in 2013.

The “3% Withholding Tax” mandates that federal, state and local governments
withhold 3% from payments for goods and services upfront. It sounds harmless
enough until you consider the small businesses that rely on every penny of cash flow
to keep their doors open and how they’ll be impacted by a 3% loss of revenue.

Last week, the U.S. Chamber announced a grassroots campaign aimed at repealing the
3% Withholding Tax. Visit RepealWithholdingNow.com to learn more about
our efforts and sign our National Letter to stop the 3% withholding.


Here’s how the tax would impact you:

  • The federal government, as well as your state and local governments, withhold
    3% from payments to any business that provides them with a product or service.
    This may include your local office supply store, local builders, electric company
    or even a business selling equipment to first responders.
  • These businesses will then be forced to raise their prices to make up for the 3%
    of  revenue being held hostage — or simply take a huge hit and risk going out of
    business.
  • Higher prices could drastically impact government budgets, which are already
    strapped for cash.
  • Local or state governments may be forced to raise your taxes to help make up for
    the budget gap.

Like most things, when you punish small businesses, the whole economy suffers.

Similar to the 1099 mandate included in the health care bill, the 3% withholding
requirement was an unrelated offset included in the Tax Reconciliation Act of 2005.
Unless repealed, the 3% Withholding Tax will go into effect on January 1, 2013.

In today’s economy, the decks are stacked high enough against employers. The last thing
they need is another provision aimed at raising revenue at their expense.

Visit RepealWithholdingNow.com and join our efforts to stop the latest burden on
business and assault on jobs.

Sincerely,


Bill Miller
Senior Vice President and National Political Director
U.S. Chamber of Commerce



 

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Page Tools