NFIB's State of the Union Recap

Date: January 21, 2015 Last Edit: September 07, 2016

Did you tune in to Tuesday's State of the Union Address? NFIB did, and here are our reactions to the President's speech.

Heading into the State of the Union Address
2015, we hoped to hear about tax relief and reform for individuals, job
creation through opportunities like the Keystone pipeline, changes to Obamacare
that would benefit small business owners, and the passing of the Regulatory
Accountability Act.

While the State of the Union did include a few
positive tidbits, overall the news for small business owners is not good.

·     
President Obama
indicated that “we have risen from recession.” In fact, while the US economy
has seen some improvements, it’s still very much in recovery mode with a long
way to go. Supporting small business owners by lessening their financial burdens
– for example, reducing federal regulations – is one way the government could
help grow our economy even more. 

·     
No measures for
individual income tax relief were mentioned during the speech, which is
disappointing to many of the 6 million small business owners in the US who file
as individuals, not corporations.

·     
The new capital
gains tax regime the President is proposing radically departs from the
bipartisan agreement that he signed into law in 2010 and reaffirmed in 2012. We
expect Congress to reject this proposal and work to permanently repeal the
estate tax. 

·     
We were pleased
to hear about President Obama’s commitment to working with the new Congress, and
we’re optimistic this will mean good things for small businesses.

·     
The President
supports higher taxes on energy and significant action on climate change, which
in the short term will slow economic growth. Higher energy prices will place an
additional burden on small business owners, who are already spending
significant dollars on energy costs.

·     
We’ll continue
to support the passing of H.R. 30 and the Regulatory Accountability Act, both
of which would provide a much-needed financial reprieve for small business
owners.

Check out these additional NFIB statements: President’s Tax Plan Hurts Family Businesses and NFIB Responds to POTUS On Taxes

Related Content: News | Economy | Energy | National | Taxes

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