|
|
Key Issues in the News and Background
Talking Points: Relief for Small Businesses
• Small businesses have historically created two-thirds of all new American jobs, and they are a vital part of the American economy and our economic recovery. That’s why the President has called for a number of
measures that will make it easier for small enterprises to get off the ground, grow, and hire new workers.
• The President’s proposals are built on the idea that although government can’t guarantee an entrepreneur’s success, it can help to remove some of the barriers to business creation and expansion, like the lack of
affordable credit. And although government isn’t able to replace the millions of jobs that disappeared in the recession, it can support the conditions that enable small businesses to hire additional workers, through tax breaks and other measures.
• This Administration has cut taxes for small businesses no less than eight times. They passed an economic plan that has already supported more than 70,000 loans for small businesses. And they waived fees on new SBA loans to help business owners save money. Those loans and additional savings helped small business owners to get the capital they needed to invest in and build their businesses.
• Under the jobs bill enacted by the President last March, businesses that hire unemployed workers are eligible for tax cuts, and businesses that invest in new equipment are able to write those investments off. And as a result of health insurance reform, 4 million small business owners have received a postcard informing them that they may be eligible for a health care tax credit that could be worth tens of thousands of dollars this year.
• But there’s still more that government can do to help small businesses. So President Obama is pressing Congress to quickly approve additional tax breaks and lending incentives for small businesses – measures that will boost growth and job creation.
• If the legislation the President is supporting is passed, small businesses will see new benefits immediately. The legislation Congress is considering does away with capital gains taxes for critical investments in small
enterprises, increases the deductions that small businesses can claim for investments and expenses, and increases the availability of credit.
• Despite Republicans’ history of partisanship and obstructionism, they should be able to join with Democrats to provide this critical relief for American small businesses. Those businesses are the backbone of our
nation’s economy and they are at the forefront of the economic recovery – it is simply imperative that this legislation pass.
|
|
|
