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On Tuesday, the Senate voted to advance a bill, pushed by President Obama, that ostensibly is designed to help small business. One key provision of the bill creates “Son of TARP”, a $30 billion fund to encourage small community banks to make loans to small business. Other provisions give small business $12 billion in tax breaks,…
President Obama often speaks about the 18 or so tax breaks for small business that have been passed under his watch. So, when I saw an article about these tax breaks last week, it peeked my curiosity. Businesses aren’t taking them. Why?
Here is yet another example of Democrats kicking the little guy. This time, the evidence comes from Atlanta.
President Obama on Tuesday suggested a bold move – a complete elimination of the capital gains tax on small business investment for one year. Congress promptly suggested more than doubling the tax from 15 percent to 35 percent effectively classifying these gains as ordinary income.