Bush traveled to St. Louis to discuss how his plan for jobs
and economic growth will benefit small business owners. The
President called on Congress to move quickly and act on his
economic proposals to encourage our Nations entrepreneurs,
speed up economic growth and generate new jobs for American
reducing taxes, encouraging investment, and removing obstacles
to growth, the Presidents plan would strengthen our prosperity
so small business can flourish, and every American who
seeks work can find a job. The Presidents proposal helps
small businesses by:
up the already approved bipartisan 2001 tax cuts to quicken
the pace of the recovery and job creation.
incentives for small business owners to invest in technology,
machinery, and other equipment to help them expand and create
jobs, and reducing the cost of capital to help small businesses
the end to the death tax permanent so family-owned small
businesses, farmers, and ranchers that want to pass along
their lifes work to the next generation can have certainty
to plan for the future.
regulations and working with Congress to pass legal reform
to curtail frivolous lawsuits.
The Presidents Plan to Strengthen Small Businesses
businesses represent more than 99 percent of all employers,
and employ more than half the private work force. Small business
entrepreneurs create more than two out of every three new jobs
and generate about 50 percent of the nation's gross domestic
40 percent of small businesses are owned by women. Close to
15 percent of Americas small business owners are minorities
and the trend of minority ownership is accelerating.
More than three million minority-owned small businesses are
providing job opportunities for millions of Americans in thousands
of communities across America.
President is committed to creating an environment where small
businesses can flourish. Under the Presidents economic
plan, entrepreneurs will be able to devote more resources to
developing products, growing businesses, and hiring more employees.
cornerstone of the Presidents plan -- accelerating
tax reductions that were enacted in the 2001 tax act --
would provide small business owners with much needed assistance.
Two thirds of taxpayers who pay the highest marginal tax
rates are small business owners who include their profits
when they file their individual tax returns. All together,
under the Presidents jobs and growth plan, 23 million
small business owners would receive tax cuts averaging $2,042
Presidents plan would increase the amount of money
small business owners can deduct from their taxes for investment
in new equipment, such as machinery and computers. Right
now, the maximum deduction is $25,000. The Presidents
plan would triple that to $75,000 beginning in 2003, and
adjust it for inflation thereafter.
President's plan to abolish the double tax on dividends
will help businesses to grow and create jobs by reducing
the cost of capital. Most dividends received by shareholders
will be tax free. Small businesses that retain corporate
earnings will not face capital gains taxes on the increase
in the value of the firm from retained earnings that could
have been distributed as dividends. This will benefit the
owners of 4.1 million small businesses with less than $500,000
in assets, as well as the shareholders of all 4.9 million
President has also proposed making permanent the elimination
of the death tax, which will provide certainty for families
that want to transfer their family-owned small businesses,
farms, and ranches from one generation to the next.
President will also continue to work to streamline small
business regulations and to call on Congress to enact legal
reform to curtail the frivolous lawsuits that impose unfair
costs on small businesses and their customers.
more information on the Presidents initiatives, please
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