New York (CNNMoney.com) – To motivate the well-off to funnel more of their cash into small businesses, should the federal government offer investors new tax breaks?
President Obama thinks so. He's thrown his support behind a proposal to eliminate capital gains taxes on investments made in 2010 and 2011 in qualifying small businesses. The House of Representatives has already passed the legislation; the Senate has yet to take it up.
"We should eliminate all capital gains taxes on small business investment so these folks can get the capital they need to grow and create jobs," Obama said at a February town hall meeting in Nashua, N.H. "That's particularly critical right now, because bank lending standards have tightened since the financial crisis and many small businesses are still struggling to get loans."
It's a message he's repeated often in recent months, and one that resonates with entrepreneurs: Nearly 60% of the 500 small business owners polled in February by PNC Financial Services Group think their business would benefit from the move.
Here's a look at what the tax break would do - and who would benefit:
Thanks again DNCNN for telling us about the benifits of the Presidents plan but you forgot to tell the whole story as usual.
President Obama and the Dems are going to let the Bush Tax cuts expire at the end of this year and with that the Cap Gains rates going back up to 20% from 15% now. The health Care program signed into law another increase, effectively increasing the rates to almost 24%. So the plan is to selectively eliminate the Cap Gains tax for a limited few "Small Business" for a limited time does nothing for the long term health of Small Business or the economy.
This is nothing but a public relations stunt. With the help of liberal Media like the DNCNN, who won't give us the whole truth, the Administration knows they won't get the tough questions about long term unemployment or how to adress the deficits and horrible debt it is laying on the backs of future generations.
The NYT ran a story about the economic boom thats coming. Needless to say, this would never have been in their paper under a Republican Administration.
Real Journalism is effectively dead at most major MSM outlets.
How's is it that SOME white Amercians cannot get over this color thing , are you that inferior ? We have a African-Amercian president who's doing a fantastic job with what was put on the table , things are turning around in this country from what i've seen and read , it may be slow but it's a work in progress , anyone with a sense of humaness in them knows Obama is working hard for America , but we will always have some white person who comes into a room shouting thew socialist , marxist , communist and anyother term that I can think of , but yet your republican party has done absolutely nothing for you , and i'm mean nothing , at least Obama has gotten you a tax cut , healthcare reform , and many other issues that YOUR republican president did not do, he was to busy looking the other way when Katrina hit , sending the county and the world into an economic abyss , but I geuss one party trying to do what's right for the American people is just an illusion , and that Black president that you seem to HATE so much is help making your lives better than they were a couple of years ago , but I geuss that's too much like right !
Whats the money line that Obama considers small .
This is one capital gains tax break that makes sense. Rather than give it to people investing in multinationals that are as likely to create jobs somewhere else as in the US. Probably more likely. Start-ups are riskier investments and funding has dramatically dried up during the recession. And, they create jobs here at home. Are Republicans actually against this?
!JaneMarsee – if anyone needs to be impeached it's those in the shrub's administration. Most of them anyway! Your comment below shows you are a complete rethug, but then again, anyone who thinks like the quitter can't have much of a brain. BTW – your boy mccain was born in Panama and your boy bush made sure, after 9/11, that the only people allowed to fly out of the country were the Saudis. Who is the traitor? Oh yeah, right, but you will never see it because you are so blind.
"I would say that Obama is a traitor to America, but you have to be a citizen before you can be a traitor. He is the Mancurian Candidate and King Saud of Saudia Abrabia is running America now"