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| Home > News > Financial and Economic News > Small business owners say tax cut extensions wont change 2011 plans |
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| Small business owners say tax cut extensions wont change 2011 plans |
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| 12/10/2010
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Some politicians have argued that failure to extend the George W. Bush-era tax cuts for the wealthiest Americans would slow economic recovery by limiting the expansion potential and hiring practices for small business owners.
However, several entrepreneurs told the news provider that a failure to extend cuts for individuals who earn more than $200,000 per year - and families that make more than $250,000 - would not hamper their operations.
David Bolotski, the CEO of Internet gift retailer UncommonGoods, is opposed to extending the cuts for the highest earners.
"We're focused on the long term in terms of growing the business, so a change in the tax rate is not going to alter what I need to do for competitive and strategic reasons to grow the business," Bolotsky told the news provider.
Barbara Weltman, who is a tax attorney and small business expert, told the media outlet that the current proposal in Congress - a two-year tax cut extension for all Americans - is not enough to instill confidence among small business owners. Weltman added that year-by-year extensions make it difficult for entrepreneurs to plan for the long-term and expand hiring.
According to CNN, this week, House Democrats voted against considering a package - which was negotiated by Republicans and President Barack Obama - that extends tax cuts for all income brackets. Most Democrats favor extensions only for low- to middle-income earners. |
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