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    The document is a statement from the Office of Management and Budget regarding H.R. 976, which proposes to increase the minimum wage. The statement supports the bill but believes it should provide more tax relief for small businesses to offset potential job losses from a higher minimum wage. Specifically, it recommends pairing the wage increase with greater tax cuts for small businesses, as the Senate version of the bill did by including $8.3 billion in such relief. The Administration also does not think the tax relief needs to be paid for through revenue increases.

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    The document is a statement from the Office of Management and Budget regarding H.R. 976, which proposes to increase the minimum wage. The statement supports the bill but believes it should provide more tax relief for small businesses to offset potential job losses from a higher minimum wage. Specifically, it recommends pairing the wage increase with greater tax cuts for small businesses, as the Senate version of the bill did by including $8.3 billion in such relief. The Administration also does not think the tax relief needs to be paid for through revenue increases.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    29 views1 page

    Hr976sap H

    Uploaded by

    losangeles
    The document is a statement from the Office of Management and Budget regarding H.R. 976, which proposes to increase the minimum wage. The statement supports the bill but believes it should provide more tax relief for small businesses to offset potential job losses from a higher minimum wage. Specifically, it recommends pairing the wage increase with greater tax cuts for small businesses, as the Senate version of the bill did by including $8.3 billion in such relief. The Administration also does not think the tax relief needs to be paid for through revenue increases.

    Copyright:

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    EXECUTIVE OFFICE OF THE PRESIDENT

    O F F I C E O F M AN AG E M E N T AN D B U D G E T

    W AS H I N G T O N , D . C . 2 0 5 0 3

    February 13, 2007


    (House)

    STATEMENT OF ADMINISTRATION POLICY

    H.R. 976 - Small Business Tax Relief Act of 2007


    (Rep. Rangel (D) New York and Rep. McCrery (R) Louisiana)

    The Administration supports House passage of H.R. 976 as a step toward legislation to increase
    the minimum wage by $2.10 over two years, but believes the bill should be strengthened by
    adding additional small business tax relief to mitigate potential job loss. As the President said on
    December 20, 2006, a minimum wage bill should “not punish the millions of small businesses
    that are creating most of the new jobs in our country.” The bill should therefore pair the increase
    in the minimum wage with greater tax relief to help small businesses stay competitive and to
    help keep our economy creating jobs, as the Senate bill did by providing $8.3 billion in small
    business tax relief. The Administration does not think it is necessary to tie this small business
    tax relief to revenue increases.

    *****

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