Obama promises to help entrepreneurs with friendly tax policies.
· Expand the SBA's direct-lending Disaster Loan Program to extend loans to companies affected by the economic downturn and credit crunch.
· Temporarily eliminate fees and increase the amount guaranteed by the government through the SBA's 7(a) and 504 programs, which insure lenders against defaults on small business loans.
· Extend the stimulus act's Section 179 tax deduction, which increased the amount businesses can write off on their taxes for capital investments in new equipment, through 2009.
· Exempt investors from the capital gains tax on their investments in small businesses and startups if they made their investment when a small company was valued below a certain threshold. That threshold has yet to be defined.
· Offer a 50% refundable credit for employee health insurance premiums paid by the employer.
· Freeze estate tax rate at 45% and increase exemption to $3.5 million.
"We'll work, at every juncture, to remove bureaucratic barriers for small and startup businesses." -- Obama*
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Last updated November 06 2008: 11:36 AM ET
Source:
*June 16, 2008, Speech, Flint, Mich.
*June 16, 2008, Speech, Flint, Mich.