Business Services Industry
Big companies will pay the tab for tax breaks going to small firms.(TAXES)
Kiplinger Letter, The, February, 2007
Big companies will pay the tab for tax breaks going to small firms under the minimum wage bill that Congress is likely to pass soon. To ease the pain of the $2.10-per-hour increase in the minimum wage, Congress added a number of breaks, most designed to help small companies. But "pay as you go" regulations require the bill to be revenue neutral.
What to expect: Stiffer penalties on offshore business tax dodges. Caps on how much workers can put into certain deferred-compensation plans. An end to tax deductions for punitive damages that companies must pay. And a requirement that large corporations pay more in estimated taxes.
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