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 THE WHITE HOUSEOffice of the Press Secretary _____________________________________________________  __________________________________ 
EMBARGOED UNTIL SPEECH DELIVERY 
December 8, 2009
 President Obama Announces Proposals toAccelerate Job Growth and Lay the Foundationfor Robust Economic Growth 
 Today, the President laid out some of the broadsteps that he believes should be at the heart of ourefforts to help put Americans back to work and getbusinesses hiring again. This announcement is partof the President’s ongoing effort to take everyresponsible step to accelerate the pace of jobgrowth. The President views every bill through theprism of job growth and will continue to exploreadditional approaches as well. These measures arepart of the overall policy designed to not just create jobs in the short run but also shift America awayfrom consumption-driven growth to a focus onenhancing the competitiveness of America’sbusinesses, encouraging investment, and promotingexports.  The bold and difficult steps the President took tostabilize the financial system have reduced the costof TARP by more than $200 billion, providingadditional resources for job creation and for deficitreduction. 
I. THREE KEY AREAS FOR ACCELERATING JOB
 
GROWTH
 
1. Helping Small Businesses ExpandInvestment, Hire Workers and Access Credit 
·
 
Tax cuts to support additional businessinvestment next year – with a particular focus onstruggling small businesses – with much of thecost recouped over time.
 ·
 
Zero capital gains for small businesses: Toencourage investment by small businessesand improve their access to capital, theAdministration is calling for a one-yearelimination of the tax on capital gains fromnew investments in small business stock. The Recovery Act allowed a 75% exclusionfrom capital gains taxes on small businessinvestments.·
 
Extension of enhanced expensingprovisions for small businesses: TheAdministration is also calling for theextension through 2010 of the Recovery Actprovision that allows small businesses toimmediately expense up to $250,000 of qualified investment. ·
 
Extension of Recovery Act bonusdepreciation tax incentive: To givebusinesses an incentive to invest, theAdministration is calling for extending theRecovery Act provision that accelerates therate at which business can deduct the cost
 
of capital expenditures. This provision willput more than $20 billion in the hands of businesses in 2010, while enabling Treasuryto recoup much of the funding as businessregain their strength.
 
·
 
 A new tax cut for small businesses to encouragehiring in 2010.
Although the economy is nowgrowing again, many businesses remain reluctantto hire. In this economic environment, anemployment tax cut for small businesses has thepotential to accelerate the pace of hiring. TheAdministration believes it is important to providea short-term tax incentive to encourage smallbusiness hiring and support employment, and willwork with Congress to design a provision thataccomplishes these goals.
 
·
 
Eliminating fees and increasing guarantees for small businesses that borrow through major SBA programs in 2010
. The President called for theelimination of fees and an increase in guaranteesfor loans through the Small BusinessAdministration, a measure that extends provisionsin the Recovery Act through the end of 2010. Inaddition, the President called for continued Treasury efforts to use the TARP to support smallbusiness lending.
 
2.
 
Investing in America’s Roads, Bridges andInfrastructure 
·
 
 Additional investment in highways, transit, rail,aviation and water.
The President is calling for
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