President Obama Signs Small Business Jobs Bill

President Obama Signs Small Business Jobs Bill
SEPTEMBER 28, 2010 BY THE DBETODAY.COM EDITOR LEAVE A COMMENT

Photo Credit: The White House
Yesterday afternoon, President Obama signed into law the Small Business Jobs bill that will help promote job creation and spur private-sector growth. Historically, small businesses have accounted for two thirds of all American jobs, and this law will provide small businesses with new tax cuts and new capital to invest and expand – helping to ensure that they remain an engine for job growth.
DNC Chairman Tim Kaine said this after President Obama signed this law:
The Small Business Jobs Act will help American businesses and workers to take another step down the path toward full economic recovery by supporting economic expansion and job growth all across the country. This new law builds on critical legislation – from the Recovery Act to tax cuts for small businesses – that Democrats fought to enact. Taken together, that legislation helped to turn a recession into recovery. Unfortunately, while Democrats were working to pull America back from the brink of a second Great Depression, Republicans were repeatedly opposing and obstructing the legislation necessary to get America’s economy going again.
During the near-decade in which Republicans held the reins, they enacted policy after policy that led America to crisis, and when that crisis struck, it cost our country 8 million jobs. Despite that failure, Republicans continue to oppose any legislation that deviates from the same Bush-era philosophy that got our country into trouble in the first place. That is why it is so important that we support Democrats on the ballot this fall – because while Democrats have proven they’re willing to take the bold steps necessary to repair our economy, Republicans have proven only that they would take our country backward – back to the days when insurance companies and big banks were given free rein and small businesses and middle class families were left to fend for themselves.
This law represents a strong and lasting commitment to providing small businesses with the resources they need to continue helping our economy recover. As we noted in an earlier article on this bill, it will:
Eliminate all capital gains taxes on small business investments during 2010 – helping 1 million small businesses;
Increase the amount of investments that small business can write off – helping 4.5 million small businesses;
Allow the self-employed to deduct health insurance costs – helping 2 million people;
Reduce the expense for entrepreneurs to start a business;
Limit the penalties for reporting errors that affect small businesses.