David Kirkpatrick

August 6, 2009

Small business capital gains tax cut coming

Throwing a little more relief Main Street’s way. The jury’s still out on Obama’s overall stimulus plan, but it’s good to see small business is getting some consideration and airtime from the president.

From the link:

President Obama said Aug. 5 that his goals for boosting the economy over the long term still include cutting the capital gains tax to zero for small businesses, and making the research and development tax credit permanent.

In a speech at recreational vehicle producer Monaco Coach in Wakarusa, Ind., Obama said the R&D credit returns $2 to the economy for every $1 the federal government spends and it deserves to be a part of the permanent tax code.

Cutting the capital gains tax to zero for small businesses and start-up firms would also benefit the economy over the long run because small businesses produce 13 times more patents per employee than large companies, he says.

Both ideas were included in President Obama’s budget proposal in March.

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