Sen. Michael Bennet says because of tax cuts he supported, small businesses will be motivated to invest.
We'll see, but who can argue with a reduction in taxes, as outlined in a press release, pertaining to capital gains, bonus depreciation health insurance costs for the self-employed, cellphone deductions and limitations on penalties for errors in tax reporting that disproportionately affect small business.
The cuts are contained in the Bennet-supported Small Business Jobs Act, which was signed into law by President Obama today.
“At a time when small businesses across Colorado need all the support they can get to make it through this difficult economy, these new tax cuts will provide immediate help,” Bennet said in the release. “We need to support our small businesses and entrepreneurs and the jobs they create. This bill will help get the flywheel spinning again so our small businesses have the tools they need to grow, create jobs and help our economy recover. It is unfortunate that this important help was blocked by a minority of Senators for months when it could have been helping small businesses in cities and towns throughout Colorado.”
The Small Business Jobs Act, along with providing substantial tax relief for small businesses, also includes improvements and expansions to SBA lending programs, including provisions that Bennet has backed. The bill also calls for the creation of a $30 billion lending facility for community banks to expand lending to small businesses struggling to obtain loans as credit markets have dried up.