Obama Proposes Tax Credit for Small Biz

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obama-state-union1.jpgPresident Obama's State of the Union speech last night garnered mixed reactions from the small business community. He stressed that creating jobs must be Congress's No. 1 focus this year and said, "Businesses are the engine of job creation."

So what's his plan for the little guy? Obama's proposing that Congress take $30 billion from the Wall Street bailout to help community banks make loans to small businesses.

Last night he also proposed a small business tax credit that would help a million small businesses, as well as eliminating capital gains taxes on small business investments.

Our Facebook fan page was blowing up last night, following the president's speech. What did you think about Obama's State of the Union address in relation to small business?

Do you think he's doing enough to help entrepreneurs? Check out what entrepreneurs are saying and leave a comment to join the heated discussion now:

Jade Anderson: I think he is doing all that he can considering he has to clean up Bush's mess as well as republican non-cooperation. It's amazing what could be accomplished when everyone works together.

Ceneca Bettencourt: Yes, the president does have an affect on what is and in some ways what can be done but it all comes down to "the people." It all starts with you.

Itai Manyere: The onus is on us to make it happen for us as entrepreneurs. No single leader will come out for us and get things where we want to be.

Tony Aponte: I think he will do his part in helping small businesses. It's funny how people don't like his no B.S style--it's about time we got someone in there that doesn't pull punches. Change takes time. People just want immediate results; it doesn't work that way, especially when you inherit a load of problems.

Cheryl Blazej:
It seemed like a lot of sound bites to me. I count on myself and staff to grow our business. "The buck stops here."

Jeremy McCracken: Help small businesses with funding and then get out of the way and quit taxing the hell out of them and then we might be able to believe what he says.

Lanette Fieser: I think a positive movement is in effect with Obama in office and the change we've all talked about will finally start happening if we all work together for unity.

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