For entrepreneurs, tax relief extension avoids pain but lingering uncertainty remains
WASHINGTON, Dec. 17, 2010 /PRNewswire-USNewswire/ -- The nation's leading organization dedicated to promoting entrepreneurship released the following statement on the tax deal that President Barack Obama will sign into law today:
Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan said: "Thankfully a damaging tax hike has been averted, for now. Business owners and entrepreneurs will have access to additional resources and incentives to hire and invest in their firms, which will help fuel the economy. However, a moving tax code with the potential for tax increases in 2012 does not instill full confidence in investors and the private sector. Once the new Congress convenes, it is imperative that lawmakers and President Obama immediately address this tax mess and lock in a pro-growth tax system so businesses can plan for the long term. This will strengthen U.S. competitiveness and get our economy on robust growth path, which is key to averting a fiscal crisis."
SBE Council chief economist Raymond J. Keating noted: "This tax deal highlights the difference between what's politically possible currently, and what would be ideal for the economy. The economy clearly needs permanent, substantive, pro-growth tax relief. For now, though, the best we can get is avoiding a huge tax increase that would have imposed significant damage on entrepreneurship and investment."
SBE Council in a nonprofit, nonpartisan advocacy organization dedicated to protecting small business and promoting entrepreneurship. For additional information, please visit: www.sbecouncil.org.
SOURCE Small Business & Entrepreneurship Council