Driving the Day: 12/11/12

Dec 11, 2012

Need to know…

  • Small Business Confidence Hits a 2.5 Year Low. U.S. small business sentiment tumbled to its lowest level in more than two and a half years in November, according to the National Federation of Independent Business (NFIB). Owners grew very pessimistic about business conditions over the next six months. The NFIB blamed the November 6 election for the sharp erosion in confidence, with Superstorm Sandy also playing a limited role.
  • Obama Tax Plan Would Hit Small Business. The Joint Committee on Taxation reports that President Obama’s plan to increase taxes on top earners would have only a small impact on the nation’s economy, however, small business owners would face a tax hike. It “would hit about 940,000 people who report business income on their individual or household returns ... That’s only 3.5% of the people who report business income, but those business owners are projected to earn 53% of the $1.3 trillion in business income that will be reported on individual returns next year.”
  • United States, EU Considering Free Trade Pact. The Associated Press reports this morning that “U.S. and European officials are contemplating ... joining together in what could be the world’s largest free trade pact in an attempt to boost their struggling economies.” The Chamber is cited saying a deal could add $180 billion to the U.S. and EU economies over five years, with the U.S. seeing larger gains than the EU. Peter Chase, the Chamber’s vice president for Europe, said, “The opportunity is there. It is golden. We should take it.”

Worth the read…

 

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