President Barack Obama Outlines Job Creation Proposals, Calls for Tax Cuts for Small Businesses

President Barack Obama, speaking at the Brookings Institution think tank on Tuesday, outlined a series of job creation proposals that he believes would tackle the country’s 10% unemployment rate.

Many of those proposals concentrated on small businesses as Obama recognized that the vast majority of new job growth has been created by these companies. As such Obama suggested a number of tax cuts for small businesses including a one-year elimination of capital gains tax on new investments as well as a tax cut to encourage new hires in 2010.

Obama also proposed using the remaining Troubled Asset Relief Program (TARP) money to encourage lending to small businesses. The president appears determined to wrap up the unpopular TARP initiative, a program designed to bail-out U.S banks in danger of collapse.

While not specifically detailing the dollar figure associated with his proposals Obama did stress “There are those who claim we have to choose between paying down our deficits on the one hand, and investing in job creation and economic growth on the other. But this is a false choice.”  He insisted that by boosting jobs the country’s deficit could be tackled.

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