Obama urges Congress to pass small business package

President Barack Obama is renewing his call to Congress to approve a package of tax incentives and loan programs that are intended to create jobs and help business owners interested in forming a company.

Speaking on Tuesday afternoon at a White House event honoring several successful entrepreneurs, the president asked lawmakers to act “as soon as possible” on his administration’s proposals.

“Government can’t guarantee a company’s success, but it can knock down the barriers that prevent small business owners from getting loans or investing in the future,” he said.

Several proposals are under consideration including a $30 billion fund for community banks to lend to small businesses, a $20 billion fund for state programs to encourage private banks to give loans to small businesses and an elimination of capital gains taxes for those who invest in emerging small businesses.

TheHill.com says that while the House has already passed a small business bill eliminating capital gains taxes for smaller C corporations, efforts in the Senate have been complicated by a disagreement over the estate tax. ADNFCR-3052-ID-19799770-ADNFCR

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