Taxes, Small Business | featured news

An Obama spokesperson pointed out 98 percent of taxpayers earn less than $250,000, and letting the tax cuts expire for the wealthiest Americans would impact less than 3 percent of all small businesses. Obama has cut taxes for small businesses 18 times, including eliminating capital gains taxes on the sale of some small-business stock, the re-election campaign said.

President Obama this evening rolls out a plan to inject $447 billion into the ailing economy through tax cuts aimed at working families and small businesses and spending to rebuild infrastructure, proposing a larger cash infusion than expected – and, perhaps, more than Congress will seriously consider.

The GOP gubernatorial candidate promises to cut spending and suggests that lower taxes and less regulation will spur business. But experts say the bleak economy is mostly due to the real estate crisis.

President Barack Obama proposed on Tuesday small business tax cuts, fresh infrastructure spending and energy efficiency rebates to boost jobs, but there were few details on the scale or cost of the measures.