April 24, 2013
If you were to take the benefits pointed out by the White House about the “Marketplace Fairness Act” at face value, you would think you had a bill that was actually going to help small business owners.
The bill cruised through a Senate procedural vote yesterday 74-20 earning 26 votes from Republicans, and amendments are being worked on with the decisive vote to be held later this week. The Republican-controlled House will have the final say on the bill’s passage.
For all the White House’s talk of “leveling the playing field” however, the bill should be viewed as a major red flag that threatens small businesses making more than $1 million, and as an affront to state’s rights. It may also have unintended consequences that could potentially tax workers’ 401(k) contributions.