All posts by Steve Banke

ACTION CALL: Senator McConnell & Senator Schumer Sponsor Student Debt-Small Business Bill


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The $1.5 trillion student debt crisis continues to crush millions of Americans and stifle our economy.  If you are reading this, you likely know family, friends or colleagues saddled with student debt.

 

Small businesses struggle to hire and retain talented employees.  While larger enterprises may be able to make payments towards their employees’ student debt, small businesses are often unable to provide this employee benefit.

 

The SBAC strongly supports the Employer Participation in Repayment Act!  This legislation will enable small businesses to make an annual tax-free payment up to $5250.00 to reduce an employee’s student debt.  The small business can also deduct these payments.

 

The small business community came together and sent a message to our leaders in Washington about this student reducing, small business empowering legislation!  We asked that Majority Leader Mitch McConnell and Senator Minority Leader Chuck Schumer support this legislation.  We also asked that Senate Finance Committee Chairman, Senator Grassley and Ranking Member, Senator Wyden, call this legislation for a vote in Committee.

 

We are extremely excited to report that after our action call, Senator McConnell and Senator Schumer cosponsored this legislation.  There are now 60 bi-partisan cosponsors on this important, common-sense legislation that is now filibuster proof.  We are building some serious momentum!

 

We have a new action call for Senate leadership.  Please reach out and strongly urge these Senators to call the Employer Participation in Repayment Act for a vote now.  You can reach out here and it will only take a minute. We must demand that Washington politicians take a timeout from their partisan bickering and move this legislation forward.  It will make a real impact on individuals and families across the United States while empowering the small business community at the same time!

 

Click here to take action

ACTION CALL: NAWBO Supports Legislation That Tackles Student Debt Crisis and Empowers Small Businesses


By: 1243

Millions of Americans continue to be saddled with crushing student debt.  Indeed, total student debt now exceeds $1.5 trillion, affecting over 44 million Americans.  Small businesses often have difficulty recruiting and retaining talent in today’s economy.  Providing small business owners with a way to help employees reduce their student debt will allow them to attract talent and make them more competitive.

The SBAC strongly supports S. 460, the Employer Participation in Repayment Act. This legislation can be a game-changer for those drowning in student debt and small businesses.  This bipartisan bill will allow employers to annually repay $5,250 of their employees’ student debt tax free, and this payment is also deductible for the employer.  This benefit is already available to employers presently contributing to their employees’ education. If passed, this legislation will extend this benefit to cover those who have graduated but are confronting debilitating student debt.

We are proud to announce the National Association of Women Business Owners (NAWBO) has come on in support of this important legislation.  NAWBO represents more than 10 million women business owners in this country.  That is the type of critical mass necessary to move good policy.  Here is NAWBO’s letter in support of S. 460. 

In this age of hyper-partisanship, we are very close to securing a majority of Senate cosponsors on this bill.  Indeed, the legislation presently has 47 cosponsors.  We need Senator Durbin to also cosponsor and champion this bill. 

Let Senator Durbin know how important this is to you, and to the Small Business community at large by signing the Action Call here. 

SBAC Advocacy Update: Graduated Income Tax Town Hall in Skokie


By: 1243

SBAC Advocacy Update: Graduated Income Tax Town Hall to be held in Skokie

The second in a series of Town Halls regarding the proposed graduated income tax will take place Thursday, October 3rd, between 9:00-11:00 A.M, in conjunction with the Skokie Chamber of Commerce. Our members will discuss the proposed amendment with state legislators and officials before this important vote arrives at the ballot.

The town hall will be at the Skokie Public Library – 5215 Oakton St, Skokie, IL 60077. This town hall is free to attend and will be conducted in a nonpartisan manner.

Some of the questions we have heard from our members include:
• How will the revenue associated with the proposed graduated income tax be spent?
• Will there be property tax relief provided in conjunction with a proposed graduated income tax?
• How will the graduated income tax help stabilize Illinois’ economy?

Our panel will include:

  • Director of Revenue David Harris
  • Senator Ram Villivalam
  • Representative Mark Kalish
  • Senator Laura Fine

For more details and registration, please access this link:

https://sbac.z2systems.com/np/clients/sbac/event.jsp?event=45991

SBAC ACTION CALL: Reduce Student Debt and support the Small Business Community


By: 1243

SBAC Action Call:  Reduce Student Debt and support the Small Business Community

 

Millions of Americans continue to be saddled with crushing student debt.  Indeed, total student debt now exceeds $1.5 trillion, affecting over 44 million Americans.  Small businesses often have difficulty recruiting and retaining talent in today’s economy.  Providing small business owners with a way to help employees reduce their student debt will allow them to attract talent and make them more competitive.

 

The SBAC strongly supports S. 460, the Employer Participation in Repayment ActThis bipartisan legislation will allow employers to annually repay $5,250 of their employees’ student debt tax free, and this payment is also deductible for the employer.  This program is already available to employers presently contributing to their employees’ education. If passed, this legislation will extend this benefit to cover those who have graduated but are struggling with student debt.

 

There are presently 42 bipartisan cosponsors of this important legislation.  We are actively working to bring Senators Durbin and Duckworth on to cosponsor and champion this bill.  Please click here (https://oneclickpolitics.global.ssl.fastly.net/messages/edit?promo_id=6848) and take a few moments to contact our Senators and urge them to cosponsor this legislation.  Feel free to modify the message but if you do, please do so in a productive manner.

 

The hyper-partisan nature of Washington makes it difficult to move important legislation.  The only way to counter that is through strong grassroots advocacy.  Once again, you can click here (https://oneclickpolitics.global.ssl.fastly.net/messages/edit?promo_id=6848) to contact Senators Durbin and Duckworth and ask them to cosponsor this important legislation.

SBAC Advocacy Update: Graduated Income Tax Town Hall


By: 1243

SBAC Advocacy Update: Graduated Income Tax Town Hall to be held in Orland Park

The first in a series of town halls regarding the proposed graduated income tax will take place Tuesday, September 17th, between 9:00-11:00 A.M, in conjunction with the Orland Park Chamber of Commerce. Our members will discuss the proposed amendment with state legislators and officials before this important vote arrives at the ballot.

The town hall will be at the Orland Park Civic Center, 4750 Ravine Avenue in Orland Park. This town hall is free to attend and will be conducted in a nonpartisan manner.

Some of the questions we have heard from our members include:
• How will the revenue associated with the proposed graduated income tax be spent?
• Will there be property tax relief provided in conjunction with a proposed graduated income tax?
• How will the graduated income tax help stabilize Illinois’ economy?

Our panel will include:
• Illinois Department of Revenue Director David Harris
• Senator Bill Cunningham
• Senator John Curran
• Representative Justin Slaughter

For more details and registration, please access this link: https://sbac.z2systems.com/np/clients/sbac/event.jsp?event=45989