The Washington Post’s new local business publication, Capital Business, looks at how small business reacts to the looming tax increases even as President Obama uses “small business” as a mantra. From “Small businesses feel squeezed by Obama policies“:
Last year, even as he struggled through the worst of the recession, Chris Upham said revenue at his District-based real estate and construction businesses doubled — allowing him to hire two agents.
But Upham said he hasn’t increased his staff thus far in 2010 and he doesn’t expect to for the remainder of the year.
That’s because his taxes rose sevenfold. And he said he anticipates they’ll increase again if the Bush tax cuts for people earning $250,000 and above expire at the end of the year.
The Wall Street Journal story on President Obama’s proposed tax breaks for business, “Obama to Push Tax Break,” elicits a comment from Bill Rys, tax counsel for the National Federation of Independent Business: “The best thing to do is to get rid of uncertainty, and that includes the cliff we’re falling off with all these [tax] provisions that are expiring.”
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