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SMALL-BUSINESS LEADER SEES 'NO WINNERS' IN PASSAGE OF ECONOMIC PLAN

 WASHINGTON, Aug. 7 /PRNewswire/ -- There were no winners when the Senate narrowly went along with the House to pass President Clinton's economic package Friday night, said Jack Faris, president of the National Federation of Independent Business, the nation's largest small-business advocacy organization.
 "The economic package that passed Congress Friday night still increases the national debt and contains spending for new programs, which means less money in the hands of consumers -- higher costs for products and services resulting in reduced sales," Faris said today. "This news will not encourage small-business owners to add jobs. And these tax increases will penalize the job-generators, those small, growing businesses that create 70 percent of the new jobs in America."
 Faris said the passage of the Clinton economic package gives small- business owners reason to worry that Congress and the administration will further threaten the economy by trying to force those same business owners to foot the bill for mandated health care reform. "This continued uncertainty will hurt economic recovery in the months ahead," Faris said.
 Faris, noting that the bill contained some help for small firms, said small-business owners appreciate the president's intention to reduce the deficit even though this package falls far short of what is needed. In fact, federal spending will rise $47 billion next year.
 Small business will benefit from the increase in equipment expensing allowed in the legislation, up from $10,000 to $17,500, and the 25 percent deduction for self-employed business owners' health insurance costs through 1993. The final package also eased tax paperwork for entrepreneurs by eliminating a provision that would have required them to file millions of new IRS forms reporting all money spent with service corporations.
 Now in its 50th year of representing small business in Washington and all 50 state capitals, NFIB has more than 607,000 members.
 -0- 8/7/93
 /CONTACT: Terry Hill or Angela Jones of NFIB, 202-554-9000/


CO: National Federation of Independent Business ST: District of Columbia IN: SU: LEG ECO EXE

GK -- NYSA004 -- 0530 08/07/93 09:17 EDT
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Publication:PR Newswire
Date:Aug 7, 1993
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