President Barack Obama called for tax breaks for small business in his State of the Union address Wednesday night as he emphasized job creation as his No. 1 priority this year. To help small business, Obama called for $30 billion in Wall Street bailout funds to be repurposed as community bank loans, the elimination of capital gains taxes on small-business investment and the addition of tax incentives for hiring new workers and buying equipment. "We should start where most new jobs do -- in small businesses, companies that begin when an entrepreneur takes a chance on a dream, or a worker decides its time she became her own boss," Obama said.

Related Summaries