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During his State of Union, Obama proposed new ideas that will stimulate economic growth catered towards entrepreneurs and small business owners. He stated, “Most new jobs are created in start-ups and small businesses, so let’s pass an agenda that helps them succeed.” His agenda includes job creation through innovation, an expansion on tax relief towards small businesses, doubling the tax deduction for domestic manufacturers, encouraging in-sourcing, and cutting subsidies to those who earn over $1 million.
Paying homage to one of the most recognizable figures in entrepreneurship, Obama said, “we should support everyone who’s willing to work; and every risk-taker and entrepreneur who aspires to become the next Steve Jobs.” To learn more about Obama’s small business plans, read Inc Magazine’s article here.