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Thursday, November 11, 2010

SBE Council on Obama White House and Bush-Era Tax Cuts

The Small Business & Entrepreneurship Council (SBE Council) expressed hope today due to a story by The Huffington Post reporting that top Obama adviser, David Axelrod, said the President would go along with a temporary continuation of the 2001 and 2003 tax relief measures.

SBE Council President and CEO Karen Kerrigan noted: "This statement by one of the President's top advisers offers a bit of hope for entrepreneurs, investors, small businesses and their employees, those seeking jobs, and the economy in general. The uncertainty of a massive tax increase at the end of this year - including higher personal income, capital gains and dividend tax rates, along with a resurrected death tax - has restrained entrepreneurial activity."

Kerrigan added: "Unfortunately, entrepreneurs and investors need a clear signal that increased taxes are permanently off the table. Apparently, the Obama White House is unwilling to take that critical step forward for small business and the economy."

SBE Council chief economist Ray Keating added: "A temporary extension is at least an improvement on the current situation of an inevitable, massive tax increase at the end of this year. But it also must be recognized as a limited step in terms of the impact on the economy. In order to fully unleash the entrepreneurship and investment we need to get the economy back on track for robust economic growth and job creation, then, at the very least, the 2001 and 2003 tax cuts must be made permanent."

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