Just in time for re-election, President Obama and the House GOP
are battling over how to make the small business arena more friendly. If you read below some of the coverage from our associate Craig G. Francis you’ll see the trend has been a lot of noise with little result.
PAY ATTENTION because as the climate changes for small business and entrepreneurs it will effect opportunity and how projects are moving and expanding.
Generally speaking I am optimistic about the battle because it's the part of the puzzle that makes sense in order to get the economy going in the right direction. But I think we need to be part of the conversation.
The administration and the GOP have interesting decisions to make because we need help in the small business world but when it happens who is going to take credit for it and can we really wait longer for any sort of changes....probably not.
That being said I am going to cover with the help of my entrepreneur pals some of the proposed changes...
The newest...
Tuesday President Barack Obama talked about changing the corporate tax rate. 25% for manufacturing 28% for others vs. the 35% top corp tax rate.
Here are a few articles and please post your opinions on the blog.
The Official Press Release
Inc. Corporate Tax Overhaul: What It Means for Small Business (Something Positive)
Obama Corporate Tax Plan Would Create Big Winners And Big Losers (Something in the Middle)
Economists don't like some of Obama's corporate tax plan - USA TODAY by Paul Wiseman (Cautionary)
A quick recap....
Small business has felt the brunt of misses in this bailout era. While the Obama Administration bailed out Wall Street, the banks and the auto industry, many in the small business community we’re saying, “Hey, what about us?”
A glimmer of hope happened with the issuing of the Small Business Lending Fund, but that basically failed as well. Dedicating $30 billion to small banks to loan to small business seemed like a great idea. However, the reality is that only about $4 billion was issued due to the amount of paperwork and regulations. Then much of the $4 billion that the banks borrowed to supposedly lend to small businesses was instead used to pay back TARP funds. Yes, the actual bailout. Again, many of us in the small business community said, “REALLY?”
Craig G. Francis covered this in his blog Reviewing The Small Business Fund
