January 25, 2012

In his annual State of the Union address on Tuesday, President Barack Obama uttered the words “small business’’ just a few times, but his so-called “blueprint” to bolster the economy and create new jobs offered glimmers of help for businesses big and small.

Obama referenced the difficulties businesses face concerning taxes, manufacturing and overseas competition. "An economy built to last is one where we encourage the talent and ingenuity of every person in this country," Obama told the gathering of lawmakers, cabinet members, government leaders and invited guests. “It means we should support everyone who's willing to work, and every risk-taker and entrepreneur who aspires to become the next Steve Jobs."

Here are some of the details.

1. The president urged Congress to help startups and small businesses succeed by stripping away regulations and changing the federal tax code.

The administration, according to an explanation on the White House website, has proposed 17 tax cuts that would benefit small businesses and expand access to capital by “reforming regulations that prevent entrepreneurs from getting financing.’’

“Both parties agree on this,’’ Obama told lawmakers. “Put it in a bill and get it on my desk.’’

2. Obama said he wants to reward companies that create or return jobs to the U.S. with lower tax rates for manufacturers and doubling the tax deduction for high-tech manufacturers. The administration says the president favors an international minimum tax on overseas profits, which would prevent other countries from attracting American business with minimal tax rates.

3. Obama said he wants to support companies that invest in communities hardest hit by large job losses. He proposed a new tax credit for companies hoping to finance new factories, equipment or production in communities hit hard when a company moves or a military base closes.

4. The U.S. should spur innovation, Obama said, by investing in research and development.

Business folks may be more receptive to the president’s ideas because he is by far the favored candidate of small-business owners, according to a recent survey. Nearly a third of small-business owners said that Obama was the most supportive of small business among all the presidential candidates, according to a poll of more than 1,000 members of Manta, an online small-business community.

About a third of those surveyed said they planned to choose the president at the polls, while 17 percent said they planned to vote for Republican Mitt Romney.

Among the Republicans, Texas Congressman Ron Paul was seen by 20 percent of respondents as the one who is small business’s biggest supporter. Romney, the former Massachusetts governor, followed at 16 percent, with former House speaker Newt Gingrich coming in at 9 percent of the vote. The survey was taken online between Jan. 4 and 18, 2012.

More than half of business owners told surveyors that they were dissatisfied, by varying degrees, with the field of 2012 presidential candidates.

Are you? Who would you vote for?

Photo credit: iStock

Join the conversation ( 8 )

• eg pigeon 23 days ago

  

  I think Opama talks a lot and doing a bet
  
  http://fancy-pets-loft.blogspot.com/

• Flowspoon 26 days ago

  

  A vote for either Romney or Gingrich will be a death knell for small business. Huntsman would have been my man because he understands foreign trade and would have seen the best way to shift manufacturing back to the US.
  Romney is a hypocrite. And Gingrich's idea to have poor students work as janitors in their schools speaks volumes. We should be helping kids earn college credit, not preparing them for a career at McDonald's.

  • Nick Puleo 25 days ago

    

    Obama is starting to embarass himself by slipping from "Buffet's secretary pays a higher tax rate" than Buffet, a screwy confusion between capital gains and income tax rates to "Buffet's secretary pays more in taxes" than Buffet, an outright delusion. Obama is desperate and his silver tongued delivery of feel good platitudes is being exposed, once again, as all style and no substance. He fooled us once, but not this time!

• Colin Brown 26 days ago

  

  Obama doesn't have a clue as to what small business needs or wants in America. Since he has taken office he has given small businesses more regulation in 3 short years that he has been in office than in the last 100 years. This regulation has put 5000-10000 businesses out of business overnight. I know because many of them were my customers! I really question the Manta survey results, of my remaining 2500 business customers there isn't a single one that would vote for Obama. They must have surveyed those that had received some type of government entitlement program.

  • Drewry News Network 26 days ago

    

    Very interesting insight, Colin.
    
    http://www.DrewryNewsNetwork.com

• John Bilanko 27 days ago

  

  Are the 17 tax cuts on top of the 95 he has already given us? Is he kidding? Does anyone really believe this is anything other than a desperate attempt to get votes.

• Ivan Raszl 27 days ago

  

  Good to know. I shared it on our Small Biz LinkedIn group:
  http://www.linkedin.com/groups/Small-Biz-Owner-4268436

• Drewry News Network 27 days ago

  

  http://www.drewrynewsnetwork.com/f25/remembering-awesome-history-new-york%92s-harlem-2577.html
  
  I hope Pres. Obama does have a plan for small businesses, and to hopefully give a boost to small business owners.one thing the economy can use right now in America is another stimulus check. Can we look forward to that in 2012? :-)