Senate Must Expeditiously Repeal 3% Withholding Tax
November 1, 2011
On Capitol Hill today, Sen. Scott Brown (R-MA), along with members of the Chamber's Small Business Council and the Government Withholding Relief Coalition, called for the Senate to take up the bipartisan bill to repeal the 3% withholding tax that passed the House of Representatives last week overwhelmingly (405-16) and also has the backing of the White House.
As reported in Free Enterprise magazine, current law
requires that federal, state, and many local governments withhold 3% of payments for goods and services as a way to close the gap between taxes owed and taxes collected. It also applies to Medicare payments and farm payments. Implementation of the rule has been delayed repeatedly and currently is scheduled to take effect on January 1, 2013.
Sen. Brown asked "leaders of both parties in the U.S. Senate to bring this jobs bill to the floor for a clean vote. Currently, this is the only jobs legislation that has bipartisan majorities in both chambers as well as the President's support."