Obama's Small Business Tax Cuts: Fact Check
Obama responded to Romney responded by touting his 18 small business tax cuts.
Originally Posted by L.A. BRONCOS FAN
“So at the same time that my tax plan has already lowered taxes for 98 percent of families, I also lowered taxes for small businesses 18 times,”
Obama said. “And what I want to do is continue the tax rate -- the tax cuts that we put into place for small businesses and families.”
Meanwhile, business owners across the nation who haven’t seen their tax rates budge in the last fours scratched their heads
. Some of those “tax cuts” that Obama mentioned weren’t really tax cuts at all. Rather, as The New York Times recently reported, they were incentives. In other words, small businesses had to spend money -- on health insurance, a new employee, or new equipment -- in order to see any savings.
CNN Money also pounced on Obama’s claim, reporting that the majority of Obama's small business provisions were temporary. “If extensions and expansions aren’t double counted, the list comes out to 14 tax breaks, and only five are still around.”