A Story of Caution and Fear for Small Businesses – US Business News – CNBC
Until Congress works out a tax deal that prevents the Fiscal Cliff on Jan. 1, 2013, small business owners have said they are too afraid to spend or hire because they don’t know what the tax implications may be. Meanwhile, Vitner said he hears small business owners consistently concerned that the current regulatory environment is too stringent.
President Barack Obama has launched several initiatives aimed at helping businesses, such as Startup America and his Council on Jobs and Competitiveness. And last month, the White House launched a website to gather tips from businesses on burdensome regulations.
“For many businesses, their growth prospects are lost in a fog of uncertainty. You can drive in the fog, but you can’t drive that fast,” Vitner said. “Once we get past the election and the Fiscal Cliff, the clouds will be removed and people will be able to plan.”
