Businesses hail job creation plan

TAMPA - Small business owners say they're all for President Obama's new job creation plan.

Doug and Nicole Longo started The Cupcake Spot two years ago. They spend their days baking, frosting and decorating hundreds of cupcakes. Business has been good, but there was a lot of stress starting up.

"It's a rollercoaster. You don't know what you're getting into until you've actually done it,." explained Doug.

They opened two stores in two years. Each store cost $65,000 to start up.

The equipment was a very costly venture. Their oven was $6,000 alone. The cooling racks, each cost $400, and the Longos employ 10 people.

President Obama says it's these kinds of businesses that are the backbone of the American economy.

He announced his new plan, saying 65 precent of all new jobs in the last decade were created by small businesses. Now he wants to help them out.

"We're proposing a complete elimination of capital gains taxes on small business investments. As well as with an extension of right offs to encourage small businesses to expand in the coming year," President Obama said.

Loans would be easier to get, and if business owners hire workers in 2010, they'll get tax breaks.

The President also wants to put more money towards infrastructure projects and highway construction. He says that's another way to create new jobs.

Dallas 1, a construction and development company out of Thonotosassa, had to lay off 60 people this year. He says this plan could help keep the employees they currently have.

President Obama wants to use money borrowed last year to bail out Wall Street, money that has been repaid to the government.

The Longo's think it's a sweet idea.

"We do plan on growing this company. Knowing we're going to have some tax relief on our equipment which is a huge expense and a tax relief with hiring employees will make it easier for us."