Stimulus bill to small businesses–forget you
| February 10, 2009
With Congress about to throw $825 billion out the window for economic stimulus, you’d think there might be a few pennies trickling down for small business. As the Wall Street Journal points out Obama campaigned on the promise to eliminate capital gains taxes for small business. Yet the House version of the bill ignored this promise entirely and the Senate version only cut it in half and only for two years. Pity, that, seeing how the vast majority of new jobs created in the last ten years were created by small businesses and 92 percent of construction firms employ less than 20 people. And lest we forget construction jobs, are high-paying jobs (22 percent higher than private industry average) and in 2007 nonresidential construction contributed $638 billion to the national economy.