Carlson says Obama's business tax cut talk is "surprising" and "Republin-esque" [sic]--but he's already done it

››› ››› DIANNA PARKER

Discussing President Obama's forthcoming State of the Union address, Fox & Friends co-host Gretchen Carlson said it's "surprising" and "Republin-esque" [sic] that Obama is reportedly planning to talk about tax cuts for small businesses. But the stimulus bill that Obama signed last year included tax cuts and incentives for small businesses, as did his proposed fiscal year 2010 budget, and he recently proposed another round of tax incentives for businesses to hire employees.

Fox & Friends: It's "surprising," "Republin-esque," and "Republican-ish" for Obama to discuss tax cuts for small businesses

From the January 27 edition of Fox News' Fox & Friends:

CARLSON: The headline to me is what he's going to talk about tonight, which I find very surprising, that he's going to talk about tax cuts. Yes, President Obama is going to talk, apparently, about tax cuts. Number one, eliminating capital gains taxes on investments for small businesses. Number two, a tax credit for new hires. And number three, extending bigger tax breaks for those that purchase new facilities and equipment.

Isn't this what a lot of people have been saying? I know at least on our show for the last year, this is what they've been saying would stimulate the economy. Tax cuts for small businesses. If the president says this tonight, this is going to sound very Republin-esque, in my mind.

BRIAN KILMEADE (co-host): Right and that's what a lot of people are calling for.

STEVE DOOCY (co-host): Republin-esque?

KILMEADE: That's a good word.

CARLSON: I just made it up-I'm so stymied by the fact that he's going to talk about tax cuts.

DOOCY: That sounds Republican-ish.

The stimulus bill Obama signed included small business tax cuts

The $787 billion stimulus bill included tax cuts and incentives for businesses. The American Recovery and Reinvestment Act that Obama signed into law in February 2009 contained tax cuts and incentives for businesses. The nonpartisan Congressional Joint Committee on Taxation estimated that the incentives, which include temporary investment incentives and credits to hire certain employees, would total approximately $75.9 billion in 2009 and 2010.

Obama's proposed FY2010 budget included tax cuts for small businesses

Obama's proposed 2010 budget included tax cuts for small businesses. The Fiscal Year 2010 budget Obama submitted to Congress on May 7, 2009, contained several tax cuts for individuals and businesses, including a proposal to "eliminate capital gains taxation on small businesses."

Obama recently proposed more tax incentives for businesses

Obama proposed another round of tax incentives in December address. Obama discussed further tax incentives for small businesses during a December 8, 2009 address at The Brookings Institution. In the address, he proposed a "complete elimination of capital gains taxes on small business investment along with an extension of write-offs to encourage small businesses to expand in the coming year." Obama added that he "believe[s] it's worthwhile to create a tax incentive to encourage small businesses to add and keep employees, and I'm going to work with Congress to pass one." According to a White House fact sheet, Obama specifically proposed:

1. Helping Small Businesses Expand Investment, Hire Workers and Access Credit

  • Tax cuts to support additional business investment next year - with a particular focus on struggling small businesses - with much of the cost recouped over time.
  • Zero capital gains for small businesses: To encourage investment by small businesses and improve their access to capital, the Administration is calling for a one-year elimination of the tax on capital gains from new investments in small business stock. The Recovery Act allowed a 75% exclusion from capital gains taxes on small business investments.
  • Extension of enhanced expensing provisions for small businesses: The Administration is also calling for the extension through 2010 of the Recovery Act provision that allows small businesses to immediately expense up to $250,000 of qualified investment.
  • Extension of Recovery Act bonus depreciation tax incentive: To give businesses an incentive to invest, the Administration is calling for extending the Recovery Act provision that accelerates the rate at which business can deduct the cost of capital expenditures. This provision will put more than $20 billion in the hands of businesses in 2010, while enabling Treasury to recoup much of the funding as business regain their strength.
  • A new tax cut for small businesses to encourage hiring in 2010. Although the economy is now growing again, many businesses remain reluctant to hire. In this economic environment, an employment tax cut for small businesses has the potential to accelerate the pace of hiring. The Administration believes it is important to provide a short-term tax incentive to encourage small business hiring and support employment, and will work with Congress to design a provision that accomplishes these goals.
  • Eliminating fees and increasing guarantees for small businesses that borrow through major SBA programs in 2010. The President called for the elimination of fees and an increase in guarantees for loans through the Small Business Administration, a measure that extends provisions in the Recovery Act through the end of 2010. In addition, the President called for continued Treasury efforts to use the TARP to support small business lending.
Posted In
Economy
Network/Outlet
Fox News Channel
Person
Steve Doocy, Brian Kilmeade, Gretchen Carlson
Show/Publication
FOX & Friends
Stories/Interests
2010 State of the Union
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