Washington, January 30: President Obama on Friday announced new proposal to create jobs and cut taxes for small businesses.
At the Chesapeake Machine Company in Baltimore, Maryland, President Obama announced the details for the Small Business Jobs and Wages Tax Cut that he says will put more Americans back to work by giving businesses – specifically small businesses – a tax cut for new hiring. The new proposal will also provide tax incentives for businesses to expand wages for their employees.
“Today, I am proposing what I believe is the best way to promote hiring by small businesses: through a tax credit for companies that add workers and increase salaries this year,” said President Obama. “Now is the perfect time for this kind of incentive. The economy is growing, but job growth is lagging. This is only one part of our larger jobs package, but it will be a key element to spur hiring and give all small businesses that participate significant tax relief.”
Treasury Secretary Geithner said that America’s small businesses are critical to job growth, but they need help to continue participating in that role. He explained that this is what the new tax cut and incentive would provide.
Various small business leaders and leading CEOs join The Congressional Budget Office and independent economists in highlighting how Small Business Jobs and Wages Tax Cut will help put more people back to work.
Chairman and CEO of Home Depot said “small general contractors and pro-firms are a significant part of our customer base; they’ve been hit hard in this recession; and this proposal should help.”
CEO of the Small Business Majority John Arensmeyer said that the economic crisis hit small businesses particularly hard, leaving them unable to play the vital role they’ve always played in past recessions, which is creating jobs that get the country back on its feet. He says that Obama’s tax credits are the solution, stating that they are simple and straightforward.
A full fact sheet and further information on the tax cut and incentives can be found below:
http://www.whitehouse.gov/sites/default/files/rss_viewer/fact_sheet_small_business_jobs_wages_tax_cut.pdf
–IANS–