Laws & Legislation


08 14 2013

08 14 2013

President Obama Pushes Congress to Reform Tax Code

In an effort to reform the current federal tax code and change economic policy, President Barack Obama gave a speech laying out a plan for compromise between Democrats and Republicans at an warehouse in Chattanooga, TN. The plan, which is being promoted as a “grand bargain for the middle class” by the White House, proposes lowering corporate tax rates in exchange for increased spending on creating jobs and improving infrastructure.

Under the new plan, the corporate tax rate would be lowered from 35 percent to 28 percent. Manufacturers would see even more of a change if the initiative was in place, decreasing manufacturing tax rates to 25 percent. This could be the help struggling manufacturers need if the plan came into action.

Impact on small businesses

Obama made a hard push for negotiations to begin in Congress, and has called out Republicans for their refusal to negotiate with the White House or their Democratic peers in Congress. Although their opinions vary greatly, both Democrats and Republicans agree that small businesses need help. However, little legislative progress has been made to reduce the stress small businesses have been under since the beginning of the recession.

“Reversing this trend must be Washington’s highest priority,” Obama said. “It’s certainly mine. But for most of this year, an endless parade of distractions, political posturing, and phony scandals have shifted focus from what we need to do to shore up the middle class.”

Small businesses owners would be affected by the proposed changes to tax laws. As part of the new plan, small business owners would be able to write off up to $1 million in investments come tax season, which could result in huge savings for entrepreneurs. Having access to that extra working capital could make getting a small business loan easier for entrepreneurs, and help small businesses keep their doors open.

Obama also announced a summit that will take place in October. The meeting will focus on ways to increase hiring rates across the country and to boost company revenues.

Overall, though, opinions on the plan’s impact on small business have been separated by party lines.

Republican resistance

Republicans almost immediately voiced their disapproval of the speech, disputing claims that the plan would benefit small businesses. Instead, Republican lawmakers said small business owners would be largely ignored by the initiative – many small firms currently pay taxes through individual codes, which the plan would not change.

Senate Minority Leader Mitch McConnell (R-Ky.) said the plan would hurt businesses and slow down growth among small and large firms. McConnell emphasized what he sees as the potential fallout of such a plan.

“The tax hike it includes is going to dampen any boost businesses might otherwise get to help our economy,” McConnell said. “In fact, it could actually hurt small businesses.”

Struggling entrepreneurs rarely have the time to wait for legislators to decide on their fate, and many have been waiting for years for a government program that would help entrepreneurs. These small business owners can come to National Funding for financial assistance. National Funding can provide a merchant cash advance for businesses and help with setting up a business merchant services account.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.