The White House says Obama wants lawmakers to let small businesses write off up to $250,000 in expenses. Officials say the initiative is included in Obama’s proposal earlier this week for Congress to end tax cuts for families making more than $250,000 a year.
Republicans say ending the tax cuts would lead to a tax hike on small business owners. Texas Senator Kay Bailey Hutchison addressed the issue on the Senate floor this morning.
“Small businesses are the economic engine of America. Fifty-five percent of private sector jobs are created by small business. Punishing them with new taxes in a time of economic stagnation is incomprehensible, really. It’s incomprehensible.”
Obama also signed executive orders that the White House says accelerate federal payments, reduce paperwork, and make it easier for small businesses to access loans and tax credits.