Almost 70% of all manufacturers are organized as “S” corporations or other flow-through types and pay income taxes at the same rate as individuals. The new surtax, and the tax increases that will go into affect in 2011 along with state and local taxes, could top tax rate for small manufacturers above 50% for most in the country.
A recent CNN poll, released Friday, November 6, shows that 53% of Americans are Opposed to the current health care plan; that’s an 18% increase in 5 months. Nearly 6 in 10 Americans think the bill still needs work.
It seems that the current bill has passed the House and is now making it’s merry way to the Senate. From everything we have read, here at SMe Software, we don’t see how it could be a good thing for any small to the mid-sized manufacturer and other small businesses.
NAM, National Association of Manufacturing, has released a commercial that will urge manufacturers to contact their public officials, Congressman, and Senators, to STOP the current H.R. 3962.