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Budget Fact Check: Small Business

Budget Fact Check
Partisan attacks claim that President Obama's budget will raise taxes on small businesses…

In fact, the President's budget eliminates the capital gains tax for individuals on the sale of certain small business stocks and makes the Research and Experimentation Tax Credit permanent.  These proposals will spur investment and innovation to help small businesses - the job-creating engines of our economy -succeed. 

97 percent of all small businesses will not see their taxes increase in 2010.

What else is in the budget for small businesses?

  • $28 billion in loan guarantees to expand credit availability for small businesses
  • Support for $1.1 billion in direct disaster loans for businesses, homeowners and renters.

Click here for Speaker Pelosi's statement about Congress' commitment to small businesses.

Click here for details about what else this Congress is doing for small business in the American Recovery and Reinvestment Act.

The Obama Budget:

  • Cuts taxes (for 95 percent of American workers)
  • Cuts spending (non-defense discretionary -- over 10 years - to its lowest level as a percent of the economy since 1962)
  • Cuts the deficit (in half over four years)
  • Grows nothing but jobs
  • Ends an era of irresponsibility and gimmicks

Creating American Jobs means:

  • Making quality health care affordable
  • Powering our economy with clean American energy
  • Modernizing our education system

We can't afford to wait.  Failure to reform and invest produced eight years of the slowest job growth in three quarters of a century.