The National Federation of Independent Business released a statement from its President and CEO Dan Danner regarding the legislative deal on the 'fiscal cliff.' Legislation was approved by both the Senate and House over the New Year's holiday that avoided some of the adverse effects of the so-called 'fiscal cliff' and offered some degree of certainty in tax policy.
“It’s hugely disappointing to the small-business community that the legislative bridge to avert the ‘cliff’ did not address our country’s most pressing economic issue: unchecked spending that leads to crushing deficits and debt. Small-business owners need to balance their books to stay in business and they think the federal government should do the same – no more excuses, " Danner said.
“That said, there were some positives for small business on a few of the specifics in this deal. A substantial majority of small firms will be permanently spared a tax increase on their income and their estates, and certainty on the individual rates will help small-business owners with planning and cash flow. The mystery of what their tax rates will be is finally over, and there is relief in that, but there is much more work to be done to address spending and out-of-control deficits,” Danner said.
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