Congress Passes Small-Business Bill 237-187!

September 24, 2010 by  
Filed under Top Story

The House of Representatives passed a small business bill on Thursday by a vote of 237-187. The Senate passed it earlier this month, so now it will go to the White House on Monday for a final signature from President Barack Obama. A $30 billion lending facility will be set up and made available to regional banks, with the condition they loan it out to small businesses.

The hope is that if we help small businesses to grow, they will hire new employees. The jobless rate is at 9.6 % and small businesses are the key in the private sector to reducing unemployment. Other features of this welcome bill are $12 billion in tax breaks, that would include a 50 % tax write-off on the purchase of new equipment, a 100 percent exclusion from capital gains taxes on small business investments, and a deduction of health insurance cost for the owner and his family.

Naturally, the bill was passed largely on party lines, with mainly Democrats comprising the 237 majority that helped propel the bill into enactment. House Republican Conference Chairman, Mike Pence of Indiana, came along to spoil the party. “It`s one more bailout and the American people know you can`t bail and spend your way to prosperity.”

But savvy economists see small business as a key to salvation for our sagging economy. More capital will be made available to these existing small businesses, as well as start-up financing for brand new companies. But ingenious products and services must be made available to a skeptical consumer. And the mind set of Americans must change radically. “Think global, but buy local.” Boycott Wal-Mart and purchase from the little guy. This will help save America!