Following a populist State of the Union address last week that called for additional tax incentives to keep U.S. industry strong, President Barack Obama has thrown further support behind small businesses. According to the Washington Post, Obama wants Congress to pass legislation that would eliminate taxes on "capital gains for investments in small businesses and extend for a year the ability of all businesses to immediately deduct all of the costs of equipment and software purchases."
White House officials expect that the president will call on Congress on Tuesday to push this small business initiative.
In addition to tax breaks, Obama is planning to increase government investments in small businesses from $3 billion to $4 billion as part of his 2013 budget proposal, the Silicon Valley / San Jose Business Journal reports. The president's plan would also allow small businesses to raise additional public funds without registering with the Securities and Exchange Commission.
"The president has made small businesses and particularly start-ups a key aspect of his economic growth agenda because he understands how much the newest and fastest-growing small businesses drive growth in our economy," White House National Economic Council director Gene Sperling told the Associated Press.