October 14, 2010

Further Job Losses Expected, If Pending Tax Increases Are Not Prevented

Crapo convenes forum on small business and jobs Monday in Boise

Boise - A new study predicts Idaho could lose up to 3,000 jobs each year if existing tax relief passed by Congress in 2001 and 2003 is not extended before the end of this year. Idaho small business owners say looming tax increases and the rising cost of providing health care could result in employers putting off hiring decisions.

Idaho Senator Mike Crapo says for these reasons and others, it is essential that Congress keep current tax rates in place and resist increasing taxes. He is convening a small business forum Monday at Boise's City Hall to discuss the issue with local business leaders, the U.S. Chamber of Commerce and the National Federation of Independent Business (NFIB). The event will be held on the Third Floor at Boise City Hall and is open to the public.

"Anyone who is interested in jobs should contact members of Congress now," Crapo said. "Unless Congress acts soon, taxes are going up at the end of the year for every Idahoan and every business person. The facts are that small business owners will be hit hard because 50% of the small business income in America will be affected. These small businesses create most of the jobs in Idaho and across the country. Tax increases will hamper the job and economic growth we need in Idaho and across the country."

Crapo and small business experts will discuss the need for action regarding tax relief and note economic studies and models. A recent study by the Heritage Foundation found job losses in all 50 states, including Idaho, would result from tax increases. The study also projected that Idaho households would, on average, see an almost $1,200 reduction in disposable income, if current tax rates are permitted to increase.

Crapo's Roundtable on Jobs, Small Business and Tax Relief:
Monday, October 18th, 10:00 to 11:00 a.m., Boise City Hall, 150 N. Capitol Boulevard, Third Floor
Idaho Senator Mike Crapo
Renee Radcliff Sinclair, Executive Director, Northwest Region, U.S. Chamber of Commerce
Billy Knorpp, National Federation of Independent Business (NFIB) Idaho Leadership Council Chairman, Boise
Chef Lou Aaron, NFIB Idaho Leadership Council; Owner, Westside Drive-In, Boise
Dave Petso, Financial and tax advisor, Petso Financial, Boise
Dan Long, Owner, Sandbox Group, Former SBA Small Business Owner of the Year (A-1 Plumbing)
Sylvia Hampel, President, Clearview Cleaning, 2010 Boise Metro Chamber Business Person of the Year
Kent Mills, Owner, Interframe Components, LLC, Nampa
Jesse Groehn, General Manager, Canyon Honda, Family-Owned Business in Nampa-Caldwell