Obama tax breaks: Limited help for small biz

President Obama recently announced a $200 billion tax break for businesses that invest in plants and equipment. The tax cut will allow businesses to write-off up to $500,000 dollars in investments; doubling the $250,000 allowed by the 2008 stimulus package. Critics argue that the new plan may not help small businesses the way President Obama hopes. According to Todd McCracken, CEO of the National Association of Small Businesses, extending the Bush administration’s tax cuts could prove more useful to small businesses. Other observers say that small businesses need more credit before they can expend. Joe Sena, president of SphereWerx, would like to expand his labor force but tight credit is stifling his company’s growth.