Arab Today, arab today us small businesses fret over fiscal cliff
Last Updated : GMT 12:48:35
Arab Today, arab today
Arab Today, arab today

US small businesses fret over \"fiscal cliff\"

Arab Today, arab today

Arab Today, arab today US small businesses fret over \"fiscal cliff\"

Washington - XINHUA

U.S. small businesses are increasingly worried about the looming \"fiscal cliff\" which has no signs of a solution as Congress remains gridlocked, said major financial services company Wells Fargo in a report released Friday. A deal may yet come through, but at the moment the two sides are unable to compromise on taxs for upper income earners, who President Barack Obama argues must pay their fair share. Republicans, however, contend that taxing those in the upper tax brackets will stunt growth and jobs creation. The Wells Fargo/Gallup Small Business Index fell 28 points in the fourth quarter to 11 amid small business angst over what to expect next year in terms of financial prospects and how tax and policy changes will impact sales and operating expenses. The drop is the largest decline in four years, after it fell 35 points in the fourth quarter of 2008, Wells Fargo reported. Small business owners\' views on current business conditions deteriorated slightly during the most recent quarter, with the percentage of firms reporting their current financial situation as either very good or somewhat good slipping 2 points to 51 percent. The share of firms saying their current financial situation was either somewhat poor or very poor had a similar rise, climbing 2 points to 28 percent, according to Wells Fargo. The proportion of small businesses claiming a revenue rise fell for the second consecutive quarter by 2 points to 29 percent, while the proportion reporting revenue decreases rose 6 points to 44 percent, the financial services company said. Though 71 percent of small businesses said revenues were either unchanged or down for the quarter, views on cash flow were essentially unchanged, \"which suggest(s) that businesses maintained a tight rein on expenses and remain less willing to hire or invest in new equipment,\" the company said. Unless the Congress acts by the end of this year, the \"fiscal cliff\", or a combination of tax hikes and sweeping spending cuts\" worth about 600 billion U.S. dollars, is set to kick in. Democrats and Republicans have so far locked horns over how to avoid the disastrous scenario. Obama, who insists on tax hikes on rich Americans, has proposed to boost revenue by 1.6 trillion U.S. dollars over the next decade, with only 400 billion dollars in spending cuts on entitlement programs. But Republicans, who refuse to increase taxes and urges more government spending cuts, have criticized Obama\'s fiscal plan as \"not serious.\"  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us small businesses fret over fiscal cliff Arab Today, arab today us small businesses fret over fiscal cliff

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us small businesses fret over fiscal cliff Arab Today, arab today us small businesses fret over fiscal cliff

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday