How Obama’s Plans Could Affect Entrepreneurs
The Wall Street Journal:
President Obama mentioned “entrepreneurs” and “small-business owners” – “the hardest working people on earth”- several times in his first address to Congress.
The U.S. economy, he says, relies on innovation and small businesses continuing to hire workers to stay strong.
Though the President didn’t offer new proposals geared directly at entrepreneurs, he spoke about several new budget plans that will surely affect them, including soon starting talks to reform the U.S. health-care system and investing government money in renewable energy projects.
President Obama also said he intends to raise taxes on households earning more than $250,000 annually – an issue that has varying degrees of effects on entrepreneurs, depending on whom you ask.
Some research has shown that less than 5% of small-business owners earn that much annually.
Still, some experts worry that raising taxes will disproportionately hurt high-growth businesses – the ones that create the most jobs.