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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
taxreformer -
"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
taxreformer -
Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
taxreformer -
Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
taxreformer -
Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
taxreformer -
9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
taxreformer -
.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
taxreformer -
"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
taxreformer -
Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
taxreformer -
The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
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Sens. Barrasso and DeMint Introduce Pro-Business Regulatory Reforms
Sens. Barrasso and DeMint introduce legislation that aims to scale back some of the costly burdens placed on businesses by the Sarbanes-Oxley Act.
Last week, Senators Barrasso (R-Wyo.) and DeMint (R-S.C.) offered legislation which seeks to curb some of the more costly burdens placed on companies through the Sarbanes-Oxley Act of 2002. Their bill, the Startup Expansion and Investment Act, targets Section 404 of Sarbanes-Oxley—a burdensome rule which has greatly increased regulatory compliance costs for many businesses. Rep. Ben Quayle (R-Ariz.) introduced a companion bill in the House earlier this year (H.R. 2941).
While implemented with the intention of securitizing and standardizing accounting measures of publicly traded companies, Section 404 has only led to increased costs for these entities, thus discouraging many small and mid-sized companies from going public. This, then, only allows the largest companies from operating in the public markets, disallowing the smaller firms from expanding and creating jobs. The Senate bill would raise the Section 404 exemption threshold from companies with a worldwide value of $75 million to companies with a worldwide value of $1 billion.
Before Sarbanes-Oxley was enacted, the Securities and Exchange Commission (SEC) stated that the compliance costs of Section 404 would be around $91,000. Yet, in 2009, the SEC conducted a study which found that companies actually spend around $2.3 million on Section 404-related compliance measures. In addition, President Obama’s own Jobs Council found that over the past three years, the number of new startups has decreased by 23%. The regulations enforced by Sarbanes-Oxley are discouraging the expansion of startups, thus inhibiting job growth in this tough economy.
In order to foster in further economic growth and job creation, it is imperative that the Startup Expansion and Investment Act is passed, thus increasing the threshold for Section 404 exemptions.
