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Tuesday, August 03, 2010

The Small Business Bill: As Good As It Gets?

Small businesses are under policy constant assault from elected leaders these days.

For example, the Obama health care measure means increased costs and fewer choices in terms of health insurance coverage for the business community and workers due to higher taxes, more mandates, and increased regulation.

The financial regulatory legislation signed into law this month promises to raise the costs of and reduce access to credit.

And just five months from now, tax increases are scheduled - including higher personal income, capital gains, dividends and death taxes - which will reduce resources available for investment in small businesses, and diminish incentives for critical risk taking in our economy.

Yet, the political rhetoric stands in sharp contrast to these policy and economic realities. Stopping at a small business in New Jersey on July 28, President Obama declared: "Helping small businesses, cutting taxes, making credit available. This is American as apple pie. Small businesses are the backbone of our economy. They are central to our identity as a nation. They are going to lead this recovery."

I could not agree more with such sentiment. Unfortunately, the President's economic agenda accomplishes the exact opposite of what he says...

Read the rest of the SBE Council Cybercolumn here.

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