DOA 3% law finally headed into history
So the jobs bill didn’t make it. Not unpredictable, and while unemployment will not change much in the near future that bill will remain a political football.
But in a little bit of good legislative news, Bloomberg is reporting that, “A bill to repeal a law requiring 3 percent tax withholding on government contracts is ‘imminent.’” This from Michigan Republican Dave Camp, chairman of the House Ways and Means Committee.
Again, predictable I suppose. President Obama assumed it in the jobs bill itself. But it will be a relief to see it gone. The law originated in 2006 and required Federal, State and some local governments to withhold 3 percent of contracts to cover tax liabilities run up by tax cheats. Opponents pointed out the obvious — with razor thin profit margins, contractor who do pay taxes by the book will suffer serious hardships they do not deserve. The law never got off the ground.
And now it appears it will be off the books by Christmas. Check out Bloomberg’s story.
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