Obama Urges Congress to Act On Small-Business Tax Breaks

Jan 31, 2012 12:55pm
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Susan Walsh/AP Photo

President Obama today urged lawmakers to act quickly on bipartisan legislation to expand tax cuts for small businesses and unlock capital for startup companies.

“My expectation and hope is that they will get a bill together quickly, that they will pass it and get it on my desk. I will sign it right away. And I would like to see that bill signed this year,” the president told reporters at the start of a Cabinet meeting at the White House.

Earlier today the president sent Congress his “Startup America Legislative Agenda,” which would eliminate taxes on capital gains in investments in small businesses and provide a 10 percent income tax credit on new payroll to incentivize hiring, among other measures.

Calling for an “all-hands-on-deck approach” to promote small business growth, the president also directed the members of his Cabinet to put forward their own initiatives to “enhance the ability of entrepreneurs to get up and running.”

Obama also noted a new face at today’s meeting. SBA Administration Karen Mills was in attendance for the first time as a new official member of the Cabinet.

“It is a symbol of how important it is for us to spur entrepreneurship, to help startups, to move aggressively so that we can assure more companies that create the most jobs in our economy are getting a leg-up from the various programs that we have in our government,” Obama said.

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