[HOME ] [ABOUT] [PHOTOS] [VIDEO] [BLOG] [HOUSTON] [TEXAS] [U.S. NEWS] [WORLD NEWS] [SPORTS] [POP CULTURE] [CONTACT]
$30 billion small business package finally passes Senate
by Joseph Ernest September 16, 2010
Newscast Media --The long-delayed legislation was finally passed on Thursday by the Senate, that will open up credit to small businesses and award them with other incentives to expand and hire new workers.
Democrats won a 61-38 vote to pass the legislation, joined by two Republicans. The measure would establish a $30 billion government fund to help open up lending for credit-starved small businesses, cut their taxes and boost Small Business Administration loan programs.
"At a time when small business owners are still struggling to make payroll and they're still holding off hiring, we put together a plan that would give them some tax relief and make it easier for them to take out loans," Obama said Wednesday.
The new loan fund would be available to community banks to encourage lending to small businesses. Supporters say banks should be able to use the fund to leverage up to $300 billion in loans.
The measure also would allow small business owners to deduct the costs of health insurance for themselves and their families from self-employment taxes, but only for the 2010 tax year.
Much of the bill would be paid for by allowing taxpayers to convert 401(k) and government retirement accounts into Roth accounts, in which they pay taxes up front on the money they contribute, enabling them to withdraw it tax-free after they retire. Add Comments>>
|
|
Join the Newscast Media social networks
for current events and multimedia content.
Copyright © Newscast Media. All Rights Reserved. Terms and Privacy Policy