Condiment: Five Faves: Apt2b.com's Mat Herman
Ashley Dupre, Former Eliot Spitzer Call Girl, Opens Lingerie Shop
Obama Signs Small-Business Bill into Law
The new law, which will create a $30 billion lending fund and provide $12 billion in tax breaks, is likely the president's last stimulus effort before the midterm elections.
Posted 9/ 27 10 at 4:00 PM | News, Money, Starting a Business, Taxes & Accounting, Legal Issues, Financial Services
Text Size:
A A A
After months of partisan debate and just five weeks prior to the midterm elections, President Obama signed the $42 billion small-business bill on Monday.The bill creates a $30 billion lending fund and provides for $12 billion in tax breaks, via eight tax cuts that take effect immediately. These tax cuts include a $500,000 write-off of investment in new equipment, zero capital gains tax for some small-business investors, a $10,000 deduction of startup costs, and 100 percent deduction of the cost of health insurance for entrepreneurs and their families from self-employment taxes.
"It was critical that we cut taxes and make more loans available to entrepreneurs," Obama said. "Today, after a long and tough fight, I am signing a small-business jobs bill that does exactly that."
Obama called it "a great victory for America's entrepreneurs."
Some observers also see the small-business bill as a political victory for Democrats, as it is expected to be the last economic stimulus effort Obama enacts before the midterm elections on Nov. 2.
Critics of the new law, including House Minority Leader John Boehner (R-Ohio), contend that small businesses would benefit more from cuts in spending and an extension of the Bush-era tax cuts. "If the president really wants to help small businesses, he should insist that Congress not leave town without cutting spending and stopping his tax hike to help create jobs – particularly small business jobs," Boehner said. "By failing to act, the president is turning his back on American families and small businesses."
After signing the bill, Obama addressed the audience, which included several business owners, saying, "There you go, it's done."
Getty Images
- JPMORGAN FIASCO: Why $2 Billion Is Just the Start - CNNMoney
- GET THAT JOB: Top 5 Interview Spending Splurges You Should Make - FOXBusiness
- WOMEN & WALL STREET: Most Powerful Women in the U.S. - InvestorPlace
- How to Thwart the Financial Advisors Mismanaging Your Money - The Motley Fool
- HOLLYWOOD CASH: Glitzy Obama-Clooney Fundraiser Breaks Records - IBTimes
- JOBLESSNESS MADE WORSE: 200,000 About to Lose Unemployment Benefits - CBS MoneyWatch
- LOOKING UP: Consumer Sentiment Rises as Gasoline Prices Fall - 24/7 Wall St.
Comments (Page 1 of 1)
I have alot to say, but for now, I'm angry about the way Obama is running, or ruining this country, he's giving small business's a loan, or money, whatever, it doesnt affect me or half of the other AMERICAN'S that are on Social Security, or have spent over 100K plus to get themselves a good education, and when they graduate, they are working at McDonalds, (if there lucky). My son in law did just that, now not only is he in serious debt for the school loans, and how happy he was to graduate, with all his degrees, but cant' find a job anywhere, not for lack of not trying, But inbetween his 2 very low min.wage jobs, he has 2 small babies, a wife, and all the bills that come with it. And all the degrees, but NO JOBS. I havent seen anything since Obama is in office to really do anything to help this country, except I must say he does go on many vacations. Sincerely,
DISCUSTED.
The passing of this bill will only help small businesses and help catalyst new job growth. People are hiring, but if you are expecting them to hire instead of proactively going for jobs that you may qualify for, you will limit jobs that actually will pay your bills. I was an educator and ended up going into fast food service management and earned as much as 4 times what I made as a teacher a few times with performance bonuses for doing my job beyond expectations. So to say you have an education doesn't mean you can't find a job! Small businesses are what help drive this country forward economically!
⌒╮WELCOME
%&%&c h a r m 9 9 9 .c o m ~ ¤ ╭⌒╮ ╭⌒╮
╭⌒╭⌒╮╭⌒╮～╭⌒╮
, ））））,''）~~ ,''~）
╱◥█◣ ╱◥█◣
｜田｜田｜ ｜田｜田｜
╬╬╬╬╬╬╬╬╬╬╬╬╬╬
CORRECTION IN ABOVE COMMENT, RUSHING I SPELLED DISCUSTED WRONG, WANTED TO FIX IT. IT SHOULD OF BEEN DISGUSTED. THANKS
Amen! I went to school to better myself and my family and cant get a good paying job, but I am glad im working. Its also made my funds for my small business for inventory - well- just gone.
This bill is designed to help small (often troubled) community banks loyal to the Democrats. If other small businesses derive any benefit it's only coincidence. Tax & economic uncertainty, thanks to Congress running home with no tax policy will negate any miniscule effect this bill might have. As a small business owner, I expect only the worst from the current administration and congress.
This moron is spending us into bankruptcy! He has not even spent 1/2 of the first BS stimulous bill he rammed down our throats while adding more and more and more debt to our kids debt!!! I can't wait for some fiscal responsibility starting November 3rd!!!!!!!!!
The small business act has come too late. Too many stipulation that real small business can't meet.I have a business I am struggling to keep open. Other small business have closed.