How Obama’s To-Do List For Congress Benefits Black Businesses
President delivers bite-sized tasks for Congress in election year climate
On Tuesday, President Barack Obama flew to the College of Nanoscale Science and Engineering in Albany, New York to announce his “handy little to-do list for Congress.”
The list contains five legislative tasks that the White House says will “create jobs and help restore middle class security.”
The third item, “Invest in a New Hire Tax Credit For Small Businesses,” could be especially beneficial to African American-owned small businesses, which have struggled disproportionately in the bad economy, according to several government and commerce group estimates.
The part of Obama’s proposed “Jumpstart Our Business Act” provides tax incentives for small businesses that hire new workers. The legislation “gives a 10 percent income tax credit to businesses that create new jobs or increases wages in 2012,” according to a White House statement on Obama’s list.
The White House estimates there are more than 100,000 African American-owned small businesses that would see benefits.
To read more about the Obama plan for black-owned small businesses (PDF), click here.
In Albany, Obama acknowledged the pessimism that exists in Washington during election season.
“Now, I know this is an election year,” Obama said. “But it's not an excuse for inaction. Six months is plenty of time for Democrats and Republicans to get together and do the right thing.”
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The president, however, didn’t pass up the opportunity to speak to GOP obstructionism foiling many of his “bigger proposals.”
“So even if Republicans are still saying no to some of the bigger proposals we made in the jobs act, there are some additional ideas that could help people get to work right now and that they haven't said no to yet -- so I'm hoping they say yes,” Obama said. “And they’re simple ideas.”
Presumptive Republican nominee Mitt Romney and his campaign wasted no time laying into the president’s to-do list presentation, telling Obama to “finish your own to-do list first.”
“Before he tells Congress what it should do, President Obama should follow through on his own ‘to-do’ list that he outlined nearly four years ago in Denver,” said Romney campaign spokesman Andrea Saul. “No amount of ‘to-do’ lists can hide the fact that the President’s policies have failed to make life better for the millions of Americans who are struggling in the Obama economy.”