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Obama announces benefits for small businesses

07-12-2012 15:56 BJT

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U.S. President Barack Obama says he wants to help small U.S. businesses grow and he’s recently proposed some measures to do that. It could provide a boost to the U.S. economy - small businesses employ nearly half of all working Americans. Small businesses-those that employ less than 100 employees-also account for 65 percent of new job creation in the U.S..

Carl Goldberg is a small business owner in New York City. With the help of 9 employees he specializes in custom made men’s shirts. His main customers are bankers and lawyers. His company, Cego, has been in operation for thirty years. Carl would like to grow his business but needs to invest in some equipment.

Carl Goldberg, owner of CEGO, said, "I really would like to buy new button and buttonhole machines. What I have is good but what I’ve seen is a lot better and a lot faster, cleaner, neater and they’re expensive."

The machines he wants to buy could create more business for him and encourage him to hire more people. But with a cost of up to 15,000 dollars he’s hesitating. A tax incentive, he says, could push him to make the investment.

U.S. President Barack Obama says he wants to help small U.S. businesses
grow and he’s recently proposed some measures to do that. It could
provide a boost to the U.S. economy - small businesses employ nearly
half of all working Americans. Small businesses-those that employ less
than 100 employees-also account for 65 percent of new job creation in the U.S..

Small businesses like CEGO may soon be able to write off up to 250,000 dollars in capital investment all in one shot instead of over a period of several years. That’s if a proposal by President Obama is adopted.

That proposal is part of a larger plan to help small businesses-laid out by the White House this week.

Obama said, "Let me tell you, the folks who create most new jobs in America are America’s small business owners."

The president’s plan to help small businesses also includes the acceleration of payments to companies contracted by the government. It also wants to increase access to capital for small businesses and businesses in lower-income communities and reduce paperwork when applying for loans.

U.S. Republicans say the President isn’t proposing anything new. He’s just expanding existing programs.

Tax Experts like Steven Dean agree, and says what small businesses are most concerned about is uncertainty.

Steven A. Dean, Professor of law in Brooklyn Law School, said, "In a certain sense it’s all the tweaking and un-tweaking and re-tweaking that makes small businesses scratch their heads and wonder what exactly they’re going to face this year, next year, the year after that."

Differing views on tax policies could decide the presidential election but for small business owners like Goldberg creating demand for his shirts is the most important thing. That demand will only be there so long as his customers have jobs.

 

Editor:Zhang Jingya |Source: CNTV.CN

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