Small Business Jobs Act, For Dummies

It wasn't too long ago, two years to be exact, when the national audience was captivated by the character that was Joe Wurzelberger, commonly known as "Joe the Plumber."  Wurzelberger, a Holland, Ohio native, was brought to public attention by some Alaskan woman, to exemplify that then Senator Barack Obama's election as president would mean subsequent tax hikes for small business nationwide. 

At the time, Joe the Plumber became a cultural punch line, but his narrative didn't carry enough weight to get the veteran and the hockey mom in the White House.  In the aftermath of their defeat came the Obama administration.  As promised, Mr. Hussein spearheaded and advocated initiatives for small business loans and tax cuts for businesses that make less than $250,000 a year (98% of small businesses).  Last week these initiatives became policies after Congress passed the Small Business Jobs Act in a 237 to 187 vote.

What does this mean?

Well, I don't have a Tax Breaks For Dummies book, but from my understanding small businesses will be able to take measures to improve their business in the form of expansions, etc. and ultimately subtract those expenses from their gross income at the end of the fiscal year.  Barack and his cohorts hope predict these incentives will trickle down from the private sector to the middle class, but that sounds eerily similar to the practical ideology of one of our most infamous commanders-in-chiefs.  Hopefully the results won't be analogous.

Hopefully a slew, if not all of the small businesses in Bowling Green and abroad can take advantage of the aid provided by our national government in some fashion.  Only time will tell if this legislation proves beneficial, or if we should have taken Joseph the Pipe Engineer more seriously.