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News For Small Businesses: White House Announces Plan To Help New Companies Thrive

Written by Ken Gaebler
Published: 1/31/2011

President Barack Obama's budget will include a provision to permanently eliminate capital gains taxes on certain types of investment income for small businesses, with the aim of promoting new start-up growth and creating jobs.

President Barack Obama's budget will include a provision to permanently eliminate capital gains taxes on certain types of investment income for small businesses, with the aim of promoting new start-up growth and creating jobs.

Entrepreneur Business Startup

Additionally, the small business stimulus provision will include significant tax breaks for entrepreneurs starting their companies in economically disadvantaged areas.

The government's Small Business Administration will also provide a $2 billion matching funds program for some startup which raise enough money on their own, and several large U.S. corporations said they would be providing their own incentive programs. Intel, IBM, and Hewlett-Packard all pledged hundreds of millions of dollars to job creation and training programs, as well as mentoring and advisory opportunities for small businesses looking to find their feet.

This and other plans - collectively dubbed "Startup America" by the White House - have been met with mixed reviews from investors, who tend to view the measures as positive, but insufficiently far-reaching to completely jump-start the economy, according to the Wall Street Journal.

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