3 Things You Should Know About Small Business: April 18
NEW YORK (MainStreet) - What's happening in small business today?
1. The White House is threatening to veto a small-business tax cut. A House Republican-led bill to extend a temporary tax cut to small businesses may be vetoed by The White House after calling it an "unproductive giveaway to many of the country's most profitable companies," according to the Associated Press.
The House is expected to vote on the bill Thursday, which Republicans say will fund job creation. However, even if the bill is passed in the House, it is unlikely to be passed in the Democratic-led Senate, the AP says.
Passing any legislation that has a tinge of controversy will be difficult in this election year. Senate Republicans on Monday rejected the Democrats' "Buffett rule" proposal that was backed by President Barack Obama. The bill would impose a 30% tax on Americans with the highest incomes.
Obama has proposed creating a 10% tax credit, which would be subtracted from a firm's tax liability for companies that increase their payrolls this year, the AP notes.
2. If you want to be a successful entrepreneur, you have to be unreasonable. Forbes contributor Shabbir Dahod makes the case for why successful entrepreneurs must be unreasonable.
"Entrepreneurs have to innovate and true innovations challenge the status quo," Dahod says.
"Unreasonable people see the world as it should be and not how it is today. We don't want incremental improvements but a whole new way of solving customer problems. A fundamental tenet for me is to pursue a market where there is no comparable competitor for how we defined the solution," he says.