Possible tax increases worry Panhandle businesses
Tue, 31 Jul 2012 11:15:00 GMT —
Discussions of regulation and tax increase have left many businesses feeling uneasy.
In response, U.S. Representative Mac Thornberry visited Amarillo Chamber of Commerce to discuss these issues. "The federal government affects their lives. I heard a lot of frustration. I heard a lot of concern about regulations about taxes and about how they just cannot plan for how to move their businesses forward in the current environment."
By December, many provisions of the current tax law are scheduled to expire creating one of the largest increases in American History. Thornberry discussed how he hopes to stop the increase.
"The first thing, the bill we are going to vote on in the house continues the current tax code for one additional year so that nobody would face a tax increase for the next year."
Local businesses like Nurses by Prescription fear that if there is a tax increase they may end up going out of business.
Business owner, Rita Cantwell said, "There's a possibility nurses by prescription will be out of business. At this point our Medicade programs have been cut down so far that we go out and do things for free. My nurses, they go out and never even charge our patients; but it's going to get to the point that we won't be able to pay our providers and that's when we are going to be in trouble."
Products and services provided by many small businesses are what drive our economy. Many people however, are worried they will no longer be able to provide with such a tremendous tax increase.
"Frankly, we don't know. It's a scary, scary thing," Nurse Hammond from Nurses by Prescription said. "We just care about taking care of the patients and I'm just really worried that frankly, we won't be able to in the future."