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* Democratic US Senate nominee Alexi Giannoulias is out with a new TV ad. Rate it…
* The ad is being publicized as Giannoulias holds a conference call with reporters to talk about Mark Kirk’s vote yesterday in the US House. From a press release…
U.S. Senate nominee Alexi Giannoulias will discuss Congressman Mark Kirk’s latest vote against providing much needed tax relief and access to capital for small businesses during a conference call with reporters TODAY, September 24, at 10:15 A.M. CT
Kirk’s vote comes after he vowed repeatedly to help Illinois small businesses struggling in these difficult times. The legislation, which is deficit-neutral and won’t cost taxpayers a penny, will provide much-needed tax breaks to help hire new employees and gain access to capital through a new loan fund.
Giannoulias will call on Kirk to explain his vote and why he continues to say one thing in Illinois and then vote differently when he’s in Washington, D.C.
* But Kirk is also holding a teleconference at 11 o’clock with the NFIB…
The National Federation of Independent Business will host a conference call this morning to highlight why Mark Kirk is the best U.S. Senate Candidate for small business employers in Illinois.
“Mark Kirk is the proven, pro-small business candidate for Senate,” NFIB Vice President of Public Policy Brad Close said. “He has been a long time supporter of small business, and is promoting a pro-growth agenda that small business owners need to remove uncertainty and help get our economy working again.”
* Being a state government/politics person, I honestly don’t know enough about that bill to comment. So here’s a news roundup…
* Congress sends small-business bill to Obama: It provides new tax breaks to small businesses, increases Small Business Administration lending limits, waives SBA loans fees and provides banks with $30 billion in new capital to increase lending to small businesses. Republicans criticized that lending fund as “TARP Jr.,” a reference to the Troubled Asset Relied Program initiated by the Bush administration in 2008 to help failing financial institutions and keep credit markets from drying up.
* House approves small-business bill: Business organizations that have backed the measure say the loan fund could spur $300 billion in lending.
* Small-business aid package likely to become law: A so-called “carryback” provision, which lets small business owners collect a tax refund if their business suffers a loss, will be extended to five years - so owners can claim a refund on profits that they booked as many as five years ago. Also in the act is an expansion of a part of the tax code called Section 179. The section lets small companies immediately write off capital expenditures of up to half a million dollars.
* House Democrats OK small-business bill: Republicans warned the bill would open the door for banks to use taxpayer-funded bailout money to lend to small businesses, which the GOP feared would give the federal government added influence over those businesses.
* Democrats Slam GOP for “Pledge to America,” Small Biz Bill Vote: Speaker Nancy Pelosi’s spokesman Brendan Daly put out a memo to reporters today pointing out that Republican leaders claim to be pro-small business, and met with a group of them this morning, but that they almost unanimously voted against the small business lending bill on the House Floor today. “Their hypocrisy is breathtaking,” Daly said.
* National Restaurant Association Welcomes Passage of Small Business Jobs Act: “This bill will help restaurants and small businesses with tax relief and assistance in gaining access to capital that is critical to economic and financial recovery,” said National Restaurant Association Executive Vice President of Policy and Government Affairs Scott DeFife. “Our industry, employing nearly 13 million Americans at 945,000 restaurants locations nationwide, is comprised mainly of small, independent businesses.”
* Congress sends small business bill to Obama: The GOP-tilting National Federation of Independent Business is only tepidly backing the legislation. The group is pushing both a full extension of Bush-era tax cuts and repeal of a requirement in the new health care law that requires that businesses file tax forms called 1099s with the Internal Revenue Service for every vendor that sells them more than $600 in goods. “There’s some OK stuff in it, but the impact’s going to be minimal,” NFIB tax counsel Bill Rys said of the bill.
* Small-Business Bill Advances: Mr. Obama said in a statement that he would sign the small-business bill on Monday, calling it “a common-sense plan to put Americans back to work.”
* Meanwhile, Kirk’s radio ad…
* Related…
* GOP Unveiling Midterm ‘Pledge To America’
* Hinz: Pledge to America is — yawn — no Contract with America
* Local Students: Keep The DREAM Act Alive
* Giannoulias-Kirk Race Pitches Curveballs to Voters
* Alexi Giannoulias, Illinois Senate Candidate, Proving To Be One Dem Not Running From Party’s Agenda
* Democrats Pleased to Find Obama on the Trail
posted by Rich Miller
Friday, Sep 24, 10 @ 10:38 am
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In this microwave, ADD society, does anyone even remember who Bush is?
Comment by wordslinger Friday, Sep 24, 10 @ 10:49 am
@Wordslinger: Yes.
Comment by The Captain Friday, Sep 24, 10 @ 10:58 am
TC, you beat me to it.
Comment by Rich Miller Friday, Sep 24, 10 @ 11:00 am
BTW, it looks like Bill Brady might benefit from this new legislation.
Comment by Rich Miller Friday, Sep 24, 10 @ 11:01 am
Man, if I’ve learned anything from this campaign season it’s that “small” businesses are the best tax shelter there is (Thanks Bill and Alexi!) and this news is just another reminder of that.
So glad people these sainted “small” business owners will get EVEN MORE tax relief when the economy goes south or they screw up, but Congress couldn’t get it together on passing the tax cuts for us mere mortals working as individual employees/contractors making under 250k.
Ugh.
Comment by hisgirlfriday Friday, Sep 24, 10 @ 11:02 am
I think the more interesting issue here is that AG is still trying to solidify his base. So while Kirk continues to work to gobble up Indy’s, AG is still focusing on the base he should have solidified a month ago.
Comment by A.B. Friday, Sep 24, 10 @ 11:03 am
Kirk’s radio ad:
1) Too long; 30 seconds will do if all you are going to throw at me is a monologue
2) It kind of meanders. Either that or I couldn’t pay attention for more than 10 seconds at a time to pick up on a cohesive structure.
3) Dude doesn’t exactly have the most confidence-inspiring voice. I understand the virtue of first-person, but… he sounds like Dan Proft’s little brother.
Comment by Obamarama Friday, Sep 24, 10 @ 11:14 am
Rich,
To answer your question, NFIB was opposed to the bill for numerous reasons. The primary beingthat it did not repeal a newly enacted requirement that all businesses file a 1099 with the IRS every time they make a transaction valued at over $600 - obviously a huge burden to small businesses. If a small business owner is a member of NFIB, or the Chamber of Commerce, it is unlikely that they will be swayed by Alexi’s ad.
Comment by GoldCoastConservative Friday, Sep 24, 10 @ 11:16 am
Alexi needs to chill on this Hartmarx thing. It’s like he’s basing his whole career off of it. And the tax breaks for jobs overseas is again, disingenous
Comment by west side don Friday, Sep 24, 10 @ 11:21 am
@ west side don
I agree with that. To me, he more or less threatened a bank the way Blago did with the window company. Then after Hartmarx got sold, they laid off 300 people in Rock Island. I know the first half of AG’s story sounds good, but it was more or less a zero sum.
Comment by Davey Boy Smithe Friday, Sep 24, 10 @ 11:27 am
The legislation will allow small businesses to borrow some of the money back they sent to Washington when the Bush tax cuts expire. Gee, what a deal for small business.
Comment by Greg B. Friday, Sep 24, 10 @ 11:33 am
So the banks get $30 billion, but somehow it is all “revenue neutral” which means the money does not come from government (i.e. “us”), it comes from the little man with the pot of gold at the end of the rainbow? The qualifying banks are not required to loan it out to small businesses. Small businesses would not see any money under this plan for another 12-18 months?
in the meantime, the tax provisions Brady and Giannoulias used to get a refund on their income taxes will be extended for another 5 years? OK, I can see why Alexi is in favor of that one now!
And all in all this means what? Are we talking Washington DC financial fairy dust here?
Comment by Louis G. Atsaves Friday, Sep 24, 10 @ 11:54 am
The NFIB is opposing something that would clearly be a huge boon to small businesses — one of the biggest creators of new jobs — because it didn’t include a repeal the 1099 provision from the heath care bill? First of all, it is bizarre to me that you wouldn’t suport something good because it doesn’t contain some other thing you also want. Secondly, if repealing this 1099 provision was such a priority how come Democratic Senator Bill Nelson’s amendment to do just that didn’t get a single Republican vote?
I think it is pretty obvious that this, like pretty much any other Dem initiative, is being opposed for one reason and one reason only — to make sure Dems don’t get a win. This obstructionism is really costing the country right now and Mark Kirk is part of it. He should be held accountable and I am glad that Alexi is doing that.
Comment by Lakefront Liberal Friday, Sep 24, 10 @ 11:59 am
Jon Stewart pulled the veil off the Repub’s Pledge last nite as “not a sequel, but a frame-by-frame remake” w/ hilarious side by side video of the very same phrases from prior elections.
Comment by D.P. Gumby Friday, Sep 24, 10 @ 12:08 pm
To HisgirlFriday———-If I was you, I would run right out and start a small business so you too can have tax breaks! Sheeesh!
Yeah, go work 60-70-80 hours a week and hope that the money left over after expenses will pay you a decent salary.
Comment by Fred Friday, Sep 24, 10 @ 12:21 pm
This ’solution’ to assist the small businesses is another bank bailout with a different package.
No wonder a banker supports this claptrap.
A good package to support small business would reduce government mandated costs, not figure out how to finance the burden.
Comment by Plutocrat03 Friday, Sep 24, 10 @ 12:21 pm
===Yeah, go work 60-70-80 hours a week and hope that the money left over after expenses will pay you a decent salary. ===
lol. True.
Comment by Rich Miller Friday, Sep 24, 10 @ 12:23 pm
nelson’s amendment didn’t get gop votes because then they couldn’t use it as a wedge. you know, if you actually read the press that comes out of the hill, people are quite honest about this. if democrats can benefit, republicans are against it. democrats probably did the same in 2006…
Comment by bored now Friday, Sep 24, 10 @ 12:41 pm
As someone who actually works for the NFIB, I must set the record straight. NFIB was NOT opposed to the small business “bailout” bill that just passed Congress. We supported it. We did not make it a Key Vote, which is a designation we use for our priority legislation that we will use in our voting record. I will say though that the 1099 issue is huge for our members and we are unhappy that no fix has yet to pass Congress.
We have endorsed Mark Kirk for US Senate as he has over a 90% voting record on our key issues.
Comment by Kim Maisch Friday, Sep 24, 10 @ 12:47 pm
===a newly enacted requirement that all businesses file a 1099 with the IRS every time they make a transaction valued at over $600 - obviously a huge burden to small businesses===
Gold Coast, maybe I’m wrong, but the 1099 is to be filed when “small businesses” pay somebody, not simply every transaction. It’s sort of like when you’re at a casino and you hit a slot winner. Any payout above $1,200 needs to have a 1099 with it so the IRS can take it’s bite.
$600 might be too low of a threshold, granted, but if they are paying cash to people who should be paying income tax, don’t you think that’s a good thing to do? Or do you want them to continue to pay people under the table?
Again, I may not understand this properly, but I’ve been on the receiving end of 1099s and I don’t see a problem with small business being required to file these. And it’s hardly a burden. Your accountant or software program can easily automate this.
Is that the sole reason Kirk voted no?
Comment by 47th Ward Friday, Sep 24, 10 @ 12:54 pm
Kim, maybe you can answer my question about the 1099 issue.
Comment by 47th Ward Friday, Sep 24, 10 @ 12:55 pm
National Journal is one of the more credible news outlets in d.c. They put together a chart comparing gop senate candidates positions on issues. As we get deeper into commercial season and have debates it’s worth keeping as a scorecard comparing kirk with the tea party and conservative candidates.
http://www.nationaljournal.com/njmagazine/nw_20100925_8055.php
Comment by shore Friday, Sep 24, 10 @ 2:09 pm
shore, the problem with using a chart or any standard with kirk is that kirk will do whatever mitch mcconnell tells him to do. as he did in the house, he’ll go to the gop leadership in the senate and ask their permission to dissent on a whipped vote. and when they refuse, he’ll do what they want.
that’s the dilemma posed by kirk’s style. as i noted all spring, mark kirk has never, EVER opposed his leadership on a whipped vote without their permission to do so. not once. there’s no way that he will suddenly develop a backbone in the senate. no, he’ll be just another vote for the southern conservative republican leadership in the senate.
so you can try to pull the wool over people’s eyes by pointing to what kirk did in the house, but it’s absolutely useless as a guide. i mean, i’ll be the first to question kirk’s intelligence, because i’ve actually talked to the guy in washington, and i agree with the assessment that’s he’s a lightweight, but if he actually thinks his experience in the house will provide any indication to what he’ll do in the senate, he’s far more stupid than i realized.
that may be your argument — kirk’s too dumb to understand what he’s getting into — but i’m not sure that’s a great argument for him. you vote for kirk, that means that you want to see mitch mcconnell’s agenda move forward, including overturning roe v wade, crippling the federal government and throwing everybody in prison. not much there, but, then, we *are* talking about mark kirk.
let’s not pretend he’s got a standard. he doesn’t have the guts to stand up to his leadership, and he’s done just fine making crap up, so it didn’t matter. you feel for it, so you get what you deserve there. of course, some of us are smarter than that…
Comment by bored now Friday, Sep 24, 10 @ 2:52 pm
Bored now—–We ALL know that if AG should win the Senate seat that he will be his own man. You know, BO will not wield any influence whatsoever over a 34 year old kid who idolizes the Prez!
Comment by Fred Friday, Sep 24, 10 @ 3:23 pm
Yep, if there’s one thing we’ve learned about Kirk the past 10 years, it’s that he votes straight party-line conservative. That’s why the right wing nuts love him so much.
Comment by Anon Friday, Sep 24, 10 @ 3:27 pm
47th–from my reading of your comment I believe you may have a misunderstanding of the 1099 issue. It is not only required for single transactions of $600 or more, but when the cumulative payments to a single provider reach a total of 600 dollars over the year. Obviously, this means every single transaction will need to be tracked from penny one, even if the total never reaches the level for a 1099 to eventually be filed–a hugely onerous task for little businesses. Following link from CNN gives a pretty good explanation of it, and why it’s such a big issue for small businesses especially.
http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/
Comment by Responsa Friday, Sep 24, 10 @ 3:28 pm
fred: sorry, i don’t make assumptions. it is a *fact* that mark kirk has never voted against his leadership on a whipped vote without their permission.
Anon: i’m sorry that you don’t understand the difference between the house and the senate, or that mark kirk has long been telling people in illinois one thing and doing what he was told in washington.
perhaps you are aware enough about what happens in the senate to understand the filibuster rule, and why kirk’s absolute and unconditional loyalty to his leadership has radical implications.
or maybe not. this isn’t rocket science…
Comment by bored now Friday, Sep 24, 10 @ 3:58 pm
bored now, and perhaps you just like making things up to feed your personal hatred of Kirk.
Comment by Anon Friday, Sep 24, 10 @ 4:22 pm
Thanks Responsa, that was a helpful link. I wasn’t aware of the new 1099 changes and can see why businesses won’t necessarily like it when it kicks in in 2012.
So in exchange for $35 billion in tax breaks, small businesses will need to implement new systems to track and report expenditures. It isn’t exactly an unfunded mandate. And the accountant quoted in the story said:
“Her firm already recommends collecting tax data on all vendors, since the IRS requires that you have it on hand at the time of the transaction, not just at tax-filing time. And eliminating the corporate and goods exemptions at least means that businesses will no longer have to pour over every transaction to determine if it needs a 1099. The new rule is simpler: If it crosses the $600 threshold, it’s in.
“There are probably going to be some hiccups along the way, because systems will need to be redesigned,” says Couch. “But overall I believe it will make compliance on the payor end a lot more streamlined and easier.”
So she says it makes things simpler. The story further mentions that “the federal government loses more than $300 billion each year in tax revenue on income that goes unreported” so again, this new reporting requirement sounds like something positive.
The devil, as always, will be in the final rules, which the IRS is working on now. But at the end of the day, this is the line in the sand that Kirk and the GOP are holding to? They won’t support current legislation because they are wetting their pants about what another law may or may not do?
$35 billion to small business in exchange for reporting expenditures to the IRS, so the IRS can make a dent in the $300 billion in income that small businesses help hide under the table. I think the paperwork burden I have to deal with in getting my employer to reimburse my expenses is enormous too, but this new rule sounds like the benefits far outweigh the “pretty heavy administrative burden” the NIFB is crying about.
And so once again Kirk is wrong on the issues. He’d rather we not collect the taxes we’re owed if it means a little more paperwork. And in the meantime, his Party of No stands in the way of more relief for small businesses.
Comment by 47th Ward Friday, Sep 24, 10 @ 4:49 pm
Bored now is a well known Kirk despiser for a number of years now. So Kirk got permission from his Republican leadership to vote they way he did on the “Cap and Trade” bill?
LOL!
Thanks for the laugh. Nice way to wrap up the week!
Comment by Louis G. Atsaves Friday, Sep 24, 10 @ 4:58 pm
Glad to be of service, 47th! The CNN article really is a fairly balanced and detailed overview of changes in the scope and requirements for 1099 filing–laying out the good, the bad, and the ugly of the new law. I knew I could count on you to chery pick the sentences which best reflected your worldview. But, hey, that’s what we’re here for! LOL. Maybe a few others will still want to read the whole article. Have a great weekend everybody.
Comment by Responsa Friday, Sep 24, 10 @ 5:17 pm
yes, louis, he did. at least if you believe what he told the rnc to keep them from condemning his campaign as a RINO.
i thought you knew something about the republican party. after all, it was kirk’s vigorous defense of the fact that he got leadership permission to deviate from a whipped vote that convinced the rnc to NOT defund republican candidates who voted for cap and trade.
of course, kirk’s advocates could have been lying to the rnc (or kirk lied to his advocates). except for the fact that there were boehner staff in the room. you’d think they’d be quick to correct kirk’s claims that leadership gave him permission on something that was so controversial (and most rnc members wanted to publicly condemn and completely defund).
now you would have known this if you asked. instead you speculated.
i’d be laughing too if i supported a liar like kirk. actually, i’d be crying. but this is illinois and i get that voters in the state prefer corrupt politicians (like brady, blagojevich & ryan) over honest ones. so it’s understandable that you defend a dishonest politician. how could you not? it’s not like you’d make waves…
Comment by bored now Monday, Sep 27, 10 @ 7:08 am