The Small Business Jobs and Credit Act
Small Businesses Struggle, While Congress Spends Freely
As small businesses grapple with a sluggish economy, a 9.6-percent unemployment rate, mounting costs from the recently passed health care legislation, and tax hikes that could arrive on New Year’s Day, the administration and Congressional Majority have conjured what they consider a solution: a bill with more government spending. This time they are creating a new $30-billion small-business loan fund, expanding the size and scope of lending by the Small Business Administration, and providing temporary tax credits chased by permanent tax increases.
The legislation comes even as the administration continues voicing support for an increase in the top two income tax rates, which would hit small businesses filing individually. The firms affected represent more than 50 percent of all small-business income.