In the final edition of our series on President Obama’s Twitter town hall meeting, this post will focus on small businesses and the Obama administration’s efforts to help them germinate and grow.
During the town hall, the President got this question from Neal: “Small biz create jobs. What incentives are you willing to support to improve small business growth?”
Historically, small businesses have created two-thirds of all jobs, and the President’s efforts reflect that fact. The administration has cut taxes for small businesses at least 17 times, issued billions of dollars in loans, helped expand global markets for American entrepreneurs, and more. Here’s a snapshot of those efforts:
Enact 17 tax cuts for small businesses. Here’s the list:
1. A New Small Business Health Care Tax Credit
2. A New Tax Credit for Hiring Unemployed Workers
3. Bonus Depreciation Tax Incentives to Support New Investment
4. 75 percent Exclusion of Small Business Capital Gains
5. Expansion of Limits on Small Business Expensing
6. Five-Year Carryback of Net Operating Losses
7. Reduction of the Built-In Gains Holding Period for Small Businesses from 10 to 7 Years to Allow Small Business Greater Flexibility in their Investments
8. Temporary Small Business Estimated Tax Payment Relief to Allow Small Businesses to Keep Needed Cash on Hand
9. Zero Capital Gains Taxes on Key Investments in Small Businesses
10. The Highest Small Business Expensing Limit Ever– Up to $500,000
11. An Extension of 50 percent Bonus Depreciation
12. A New Deduction for Health Care Expenses for the Self-Employed
13. Tax Relief and Simplification for Cell Phone Deductions
14. An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses
15. A Five-Year Carryback of General Business Credits
16. Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business
17. 100 Percent Expensing
Issue small business loans.The Obama administration has issued $53 billion in SBA lending support for 113,000 small businesses, filling a crucial void while traditional lending was frozen.
Broaden the market for American products.The President has worked to expand the global market for small businesses to export their products, creating the National Export Initiative and aiming to double the amount of exports in coming years.
Provide counseling to businesses.The Small Business Administration offers free and low-cost counseling to more than 2 million small business owners.
Create Startup America. This program aims to help small businesses gain access to capital and mentoring, reduce barriers to growth, accelerate innovation, and expand market opportunities.
Streamline regulations.The administration has reviewed regulations and begun to make changes that provide greater stability and fewer barriers to growth.
Click here to learn more about the work President Obama has done to support small businesses and entrepreneurs. Also, be sure to share this information with your friends, family, and coworkers.