The Colorado Independent: Bennet celebrates Dem-backed small business legislation

DENVER– At InterTech‘s spanking clean plastic molding factory in an industrial park near the airport here, Sen. Michael Bennet and Intertech President Noel Ginsburg celebrated the effects of small business legislation supported by Congressional Democrats and signed into law by the President at the end of September.

Ginsburg pointed to $850,000 worth of new machinery he acquired with cash available through tax savings. He said he was able to win new work for his roughly 85 employees and rehire workers laid off last year.

Bennet used the case to try to give shape to policies he has supported as a senator this year. In talking with reporters, he sought to pull discussion about business down from the static and abstract realm of left-right political cliches.

“What I don’t believe is good for Colorado and for our families is a bunch of talking points and theoretical policies invented by right-wing Washington think tanks. What I do think is good for Colorado are the practical discussions arising from people like Noel… and that’s what I’m fighting for in Washington,” he said.

The small business legislation set aside $30 billion to fund loans and put in place eight immediate tax cuts amounting to $12 billion. The tax cuts include a “accelerated depreciation” $500,000 new-equipment write off, zero capital gains tax for small-business investors, a $10,000 deduction of start-up costs, and 100 percent tax deduction on the cost of health insurance for entrepreneurs.

Read the whole article »