A Look at Obama's Plan for Small Business
Within the past week President Obama outlined several proposals to help small business create jobs:
- $30 billion of federal bailout funds redirected to community banks to lend to small business
- Tax credits for new hires and wage increases
- Elimination of capital-gains tax on investments in small business
- Tax incentives for investment in new facilities and equipment
Amy Wilkinson examines each of these proposals in an opinion piece on CNN. She also mentions what is missing:
One thing missing that would help stimulate jobs is immigration reform. Over the last decade and a half, fully one-quarter of all technology firms founded in the United States were started by immigrants; eBay, Google and Yahoo to name a few. Changing the provisions of the EB-5 visa or "entrepreneur's visa" to favor those who plan to start companies and extending their visas as they hire U.S. workers would spark job creation. Simply put, the United States needs global talent to help create jobs at home.
Obama is wise to focus on entrepreneurs, but based on recent research he should target businesses based on age rather than size.