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card, and debit card processors would route transactions
to the least expensive network because it was good busi-
ness. Durbin required only two networks, and that drove
up the network costs without delivering any benefits. To
this day, it is less expensive to dip an EMV chip card than
a debit/check card at the POS.
SMBs are not tax loopholes
Association Shows:
Another looming threat to small and midsize business Electronic Transactions Association
owners is a double taxation proposal that policymakers
are positioning as a Small Business Surtax. This tax in- ETA Strategic Leadership Forum
crease would be part of the government's trillion-dollar Highlights: Once a year thought leaders, disruptors
tax and spend proposal currently being negotiated by and payments industry entrepreneurs gather at ETA’s
Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Strategic Leadership Forum to build relationships
Joe Manchin, D-W.Va. and explore the issues that will shape the business of
payments.
If you own a business or serve the SMB community, I urge
you to join the fight to stop this new tax, which would “Decision-makers and thought leaders from every facet
harm small businesses. This small business tax is essen- of the industry will be there, stated” Jodie Kelley, CEO
tially double taxation, which is against federal laws. SMBs at the ETA. “World-class speakers will share their per-
already pay tax for their businesses' profits on their per- spectives on issues including the economic trajectory,
sustainability, trust and how the regulatory environ-
sonal tax returns, but the government wants to collect an- ment is impacting payments. Separating hype from in-
other 3.8 percent. sight, you will hear about the future of payments in the
metaverse and where smart money is being invested in
This would mean a business making $250,000 in profit our industry today.”
would have to pay an additional $9,500 in taxes, a small
amount that would be too costly for the business owner to When: Sept. 14 – 16, 2022
go up against the IRS to appeal or fight. The government is Where: Eau Palm Beach Resort & Spa,
arming the IRS with 80,000 new employees to weaponize Manalapan, Fla.
them against small and midsize business owners, who are Registration: member.electran.org/event-registra-
already taxed and may soon be double taxed.
tion?id=ca25ff9a-38b4-ec11-826d-0050f2856108&re-
load=timezone
NFIB, a nonprofit, nonpartisan, member organization for
small and independent businesses, is strongly opposed to EPCOR
this legislation. "Congress thinks small business is a tax
loophole, and that your business needs to pay more taxes," EPCOR Payments Conference – Fall 2022
NFIB representatives wrote. "Specifically, they want to add Highlights: This event offers a look at the current
a 3.8% tax, as part of the Senate's version of the Build Back payments landscape, zeroing in on recent and up-
Better Act, characterizing it as the closing of a loophole." coming advancements in the payments space. This
regionally priced conference brings decision makers
Fortunately, the NFIB subsequently reported that small and industry experts together, complete with multiple
business owners successfully urged the U.S. Senate "to re- tracks of informative sessions, peer-to-peer network-
move the new 3.8% small business tax from the Inflation ing, solution-packed exhibit hall and more.
Reduction Act of 2022 and ensured the House did not add
it back in." For more details on the NFIB's work and to add Attendees will have the opportunity to garner insights
your voice to those working to make lawmakers respon- from payments industry leaders and learn about the is-
sive to the needs of their small business constituents, visit sues that most impact their organizations. Also, Watch
News You Can Use and conference.epcor.org will pro-
www.nfib.com/nonewtax/. And to help ensure that the Com- vide additional information as the agenda continues to
petition in Credit Card Act (Durbin 2.0) does not become take shape.
law, get involved at https://saveourpoints.org.
When: Oct. 3 – 5, 2022
Card brands and small business owners keep our econ-
omy going during the best and worst of times. Without Where: Sheraton Overland Park Hotel,
them, we would not have a payments industry. Let's sup- Overland Park, Kan.
port them now at this time of need. Registration: www.epcor.org/iCore/Events/
Allen Kopelman, a serial entrepreneur is cofounder and CEO of Event_Display.aspx?EventKey=622OVP&Website-
Nationwide Payment Systems Inc. and host of B2B Vault: The Payment Key=9d9d4328-1d45-4318-a094-58b5ea9e93d6
Technology podcast. Email him at allen@npsbank.com and connect
on LinkedIn www.linkedin.com/in/allenkopelman/ and Twitter @
AllenKopelman.
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