Published on Feburary 2, 2012 by Rohit Arora, New Jersey News Room
President Obama is banking on small business in the election year. His fiscal 2013 budget will eliminate capital gains taxes on investments in small businesses, offer a 10 percent tax credit when new hires are made, double the amount of deductions a startup can take (from $5,000 to $10,000), and extend 100 percent first-year depreciation for qualified properties. On February 13, he will submit details of this package to Congress.
Democrats and Republicans are both trying to trumpet their support of small business, and cutting taxes is always popular. The White House knows this and views small business growth as a lynchpin of its 2012 reelection strategy.