Text Box: From the US Chamber of Commerce SUPPORT THE SENATE-PASSED FINANCIAL RESCUE BILL—H.R. 1424     The financial rescue provisions are critical to small businesses:   This economic crisis is unprecedented in recent history.  The ability of small and mid size business owners to access the credit windows has been significantly limited.  These small and mid size business owners desperately need this legislation to bring stability to the financial markets and to ease the credit crunch so these businesses can meet payroll, fund retirements, hire employees, and purchase inventory and capital assets.  “Main Street America” has been dealing with this credit crunch for over a year with the result that many small and mid size businesses are now out of business or teetering on the brink.   The tax provisions will help address the struggling economy:   AMT relief: Million of Americans have been forced into the Alternative Minimum Tax because the basic AMT exclusion is not indexed for inflation, meaning that as incomes rise, the tax snags a growing number of taxpayers. Many taxpayers subject to the AMT are not high-income tax avoiders but, rather, everyday middle class working Americans. Without the AMT patch in this legislation, the AMT could snag an estimated 24 million taxpayers, forcing them to pay an average of $2,000 of AMT on top of the federal income tax they already owe. For small and midsize business owners, who pay taxes at an individual level, this increased tax liability is simply not a pill they can swallow under the current economic conditions.   Extenders: The tax extenders package would help to provide relief in a time of economic uncertainty.  The economy is struggling and so are America’s working families.  At times like these, individual Americans and businesses need tax cuts that they’ve come to count on to help them get by. The tax extenders package includes the research and development tax credit to spur new high-paying jobs, an extension of the deduction for state and local sales tax for states such as Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming which have no state income tax, the teacher expense deduction to help teachers who put out money from their own pocket to buy school supplies, and finally, the tuition deduction to give families needed relief from rising college costs. These extender provisions provide much needed relief and certainty to all sectors of the economy and all areas of the country.   Disaster relief provisions will help address the economy in hard-hit areas:   The bill features a variety provisions to help Americans that have suffered significant loss from natural disasters, including allowing victims to write-off qualified losses from disasters and fully write-off expenses for cleanup, repair, and rebuilding, an extension of net operating loss carry back from two to five years for qualified disaster expenses, and an increase in mortgage bond revenue to provide more low-interest loans to qualified disaster victims. These provisions will help Americans who are already suffering because of the economy and now hit by these unfortunate events to get back on their feet.   CQ TODAY ONLINE NEWS – ECONOMIC AFFAIRS Oct. 2, 2008 – 12:38 p.m. Second House Vote on Bailout Hinges on Whip Count, Hoyer Says By Edward Epstein, Lydia Gensheimer and Benton Ives, CQ Staff House Majority Leader Steny H. Hoyer, D-Md., said leaders of both parties are working hard to pass revised financial bailout legislation Friday. But he warned he will not call up the bill until that outcome is assured. “I have to be pretty confident we have the votes to pass this before I put it on the floor,” Hoyer told reporters Thursday. House leaders do not want to risk a second defeat of the plan, which could touch off a panic in financial markets. He said he hoped for passage Friday. “I think there’s a good prospect of getting this done,” Hoyer said. On Sept. 29, the House rejected, 205-228, the original version of the bill (HR 3997). Negotiators went back to the drawing board and added an increase in Federal Deposit Insurance Corp. coverage for bank accounts to $250,000 per account, from $100,000. The Senate last night called up a House-passed mental health parity bill

Text Box: Economic bailout—is it a rescue or the elephant in the room?

Text Box: October 21 7:30 am   Country Shabby Chic hosts Morning Call Breakfast RSVP today Held at Paul’s Pastry

Text Box: Newsletter Spotlight Text Box:        

Text Box: Investing in the Future

Text Box: Vol. 1  Issue 23   ◊ 10/03/08

Text Box: E-ZINE

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Text Box: Community happenings and more information are posted on the Community Calendar Copyright 2008, all rights reserved.

Text Box: Convoy of Hope Hope begins here Helping other to prepare for emergencies   How resilient is YOUR organization or business operations to disaster? How long will it take your employees and supply chain to recover? It isn’t a matter of “if” but “when”. Helping others prepare for emergencis begins with YOU. Business Preparedness Seminar Admission $15 Advance registration $20 at the door October 9, 2008 7:30 am to 11:30 am Magnolia Columns 6 PM to 9 PM First Baptist Church Poplarville, MS (north entrance) REGISTER online Www.hopebeginshere.org Call 417.823.8998 ext 410 Text Box: Palin hits a home run By Gina Burgess Executive Director   Did you see the VP debate...

Text Box:   Volunteer of the Year Citizen of the Year Volunteer of the Year Nomination forms are in the Chamber office. Stop by and pick one up to nominate your favorite person or organization for honor at the annual Awards Banquet held in November. Or, you can go to www.picayunechamber.org and click on 2008 Awards Banquet link on the left hand side of the lower box. It will take you to the forms page on our website which you can print out and then fax or email or drop off at the Chamber by October 10, 2008 before close of business at 4 PM.  

Text Box: (HR 1424) and amended it with the modified bailout package and extensions of expired or expiring tax breaks. The Senate passed the new package by 74-25, with majorities of both parties backing the proposal. Hoyer said that he still hopes the House can take up an extension of unemployment benefits for workers whose benefits will expire this month. He said such legislation, which would be considered separately from the economic recovery package, is under discussion with Republicans. “We’re going to continue to discuss it,” he said. “We have to get agreement” with Republicans, he added, “and it would be separate from the bailout.” President Bush again urged Congress to complete action quickly on the financial rescue package. He met with business representatives at the White House and warned of the consequences of the credit squeeze for the broader economy. “This issue has gone way beyond New York and Wall Street,” the president said. “This is an issue that’s affecting hardworking people. They’re worried about their savings, they’re worried about their jobs, they’re worried about their houses, they’re worried about their small businesses. And the House of Representatives must listen to these voices and get this bill passed so we can get about the business of restoring confidence.” Bush said the Senate-passed bill “is the bill that has the best chance of providing credit, providing liquidity” to the financial system and the broader economy. Winning Over Votes Hoyer said he didn’t know if Democrats could produce more than the 140 “yes” votes they mustered for first bailout bill on Monday. He stressed it is up to Republicans to provide the votes needed for passage. Only 65 Republicans voted for the plan on Sept. 29, while 133 opposed it. “We expect there to be many more Republican votes for this to pass,” he said. “We need a significantly greater number of Republicans. I don’t want to put a number on it.” Although the Senate included tax break extensions without full offsets to pay for them, Hoyer said he doubted that move would have much impact on the Democratic vote count, even where fiscally conservative Blue Dogs are concerned. On Monday, 25 Blue Dogs voted for the original bailout bill and 24 opposed it. Hoyer said he doesn’t expect that breakdown to change much. “I think the Blue Dogs who voted for it feel the responsible vote is to continue to support it,” he said. He also said it’s possible that the Senate’s inclusion of a $500 property tax deduction for taxpayers who do not itemize could help attract votes from some members of the all-Democratic Congressional Black Caucus. “Have we gone as far as some people want? No we haven’t,” he said, referring to CBC members who wanted new bankruptcy protections for homeowners in danger of losing their houses. He told reporters that incoming phone calls and e-mails from his constituents had changed from about 6-to-1 against any bailout before to about 3-to-1 against today. “I think people saw on Monday that it had a direct effect on them” as the stock market dropped and small businesses around the country began to feel a credit pinch. “People feel we should act, but don’t know what to do. That puts them in the same boat as members of Congress,” he added. Real World Impact The stock market suffered its biggest one-day point drop in history after the House failed to pass the bill Monday. “I think when people saw that Wall Street went bad on Monday, the wind started to whip up from this hurricane and it has been felt all over the country,” Hoyer said. A near-total freeze in credit markets is now being felt by businesses, states and local governments across the country, adding pressure for action and changing some views. Hoyer said he didn’t think the House should make any changes to the bill passed by the Senate Wednesday night, because that would delay the legislation. “We need to emphasize the need to move this quickly,” he said. The House Rules Committee set a 4 p.m. meeting to pave the procedural path for a floor vote Friday. Barney Frank, D-Mass., chairman of the House Financial Services Committee and a chief architect of the bailout bill, said members contemplating a switch in vote are likely to be swayed by the ominous signals in the economy. “I think the most important factor in people reassessing is the economic harm that happened,” Frank said. The Dow Jones industrial average recovered somewhat the day after the its sharp plunge, but it has been down ever since, and it was off about 250 points at midday Thursday. Ordinary Americans have seen their investments and retirement savings fall sharply. Businesses are starting to run out of inventory and lay off workers, as they are unable to obtain even short-term credit to restock and meet their payrolls. “Politically the good vote on Monday was no,” Frank said. “That’s less clear . . .  People have heard from a number of people in the business community and people have also seen harm they may been skeptical of,” Frank said. By making changes to the original rescue plan, the Senate may have made it easier for House lawmakers to explain a vote switch, Frank said. He said he had no plans to make additional changes to the measure. Source: CQ Today Online News Round-the-clock coverage of news from Capitol Hill. © 2008 Congressional Quarterly Inc. All Rights Reserved.

Text Box:   Awards Banquet Tickets On Sale Now At The Chamber office Call to reserve yours 601-798-3122 Drop by to BUY $30 per person     REMINDER… Wednesday, 11:45 NOON-DAY LUNCHEON at First Baptist Church is in full swing.  Great food $3.50 per plate, (the best homemade soup and corn bread in Pearl River County) with plate lunch can't be beat.  The fellowship of other local business and profession persons along with a short inspirational message is always uplifting. Text Box: Ambassadors are HERE! Thank you to:     Alicia Elam New York Life Beth Lenoir Stewart Insurance Brandon Rhodes Edward Jones Ed Peckinpaugh Premier Title Shasta Leninger NOFFCU John McAulay State Farm Lynn Dupont RE/MAX Sherry Pullens RE/MAX They will be out and about meeting you and talking about the Chamber.

Text Box: (Pronounced ZEEN as in e-magazine.)

Text Box: Trade Days Tomorrow, Sat. Oct. 4 8 am to 4 pm Come find a treasure Buy a treasure Go home happy

Text Box:     ...last night? I was very pleased to see Sarah Palin take a stand, to be firm and fair, and to talk about things on a level that I could understand. She turned the corner, I believe.     Joe Biden did very well, too, but I think he should have done so much better since he’s got all that experience the news people keep talking about.     Why is it that people have to stretch the truth to make it sound better, or to make a point. Why is it that people outright lie to make a point?     We really need to look closely at what the candidates are saying in forums such as the debates rather than the rhetoric from ads. It is too easy to accept a lie when the lie is what we want to hear.

Text Box: Place your ad here. It will be seen by more than just our Chamber membership It will be on our website, too, on the Chamber E-zine page. Can’t beat that with a coupon! 601-798-3122