Obama advocates for small business tax breaks in recent speech

U.S. President Barack Obama recently urged legislators to quickly pass tax breaks and small business financing bills that would make life easier for small enterprises.

"My expectation and hope is … that (lawmakers) will get a bill together quickly, that they will pass it and get it on my desk," he said, underscoring the importance of being able to "assure more companies that create the most jobs in our economy are getting a leg up from the various programs that we have in our government."

The president also called upon government agencies to consider how the sectors they oversee can contribute to small enterprise growth. Government regulations can affect everything from business advertisement to filing taxes, and excessive red tape can significantly bog down small business operations. 

Accounting Today notes that the proposed initiatives include the permanent elimination of capital gains taxes on small company investments and the extension of 100 percent bonus depreciation, which expired at the end of last year. The current form allows for 50 percent depreciation on new property and equipment investments.

Approximately one-third (32 percent) of the more than 1,000 small and medium-sized business owners polled in a recent Manta survey identified President Obama as the biggest supporter of small business among candidates for the 2012 presidency. Obama was followed by Ron Paul (20 percent) and Mitt Romney (16 percent), while Newt Gingrich and Rick Santorum brought up the rear with 9 percent each.

"Now more than ever, the political candidates need to focus on the issues that are affecting SMBs, such as job creation, taxes and healthcare," said Pamela Springer, Manta president and CEO.