WASHINGTON (Dec. 8, 2009)—President Obama today proposed new or extended tax cuts for small business, as well as initiatives in infrastructure and energy efficiency, in an effort to stimulate U.S. job growth.
Among other things, Obama proposed eliminating fees on Small Business Administration loans to loosen the current tight credit situation for small businesses. He also championed tax credits for small businesses to hire new workers, an extension of the current tax break for expensing investments, and a one-year repeal of the capital gains tax.
Outside of small business initiatives, Obama proposed $50 billion in new infrastructure investments and tax rebates to consumers who add energy-efficient features to their homes. The last initiative has already attracted a nickname—“Cash for Caulkers.”
Obama provided no cost estimates for the proposed initiatives, but said he would work with Congress to fill out the details.