Will Small Businesses Suffer From Top Tier Tax Hike?

Posted: Updated:
SMALL BUSINESS FISCAL CLIFF
President Barack Obama participates in a roundtable discussion with local small business owners at Taylor Gourmet in the U Street neighborhood in Washington, Wednesday, May 16, 2012. | AP
Print

At a sprawling 25,000-square-foot factory outside Dayton, Ohio, David Curliss manufactures high-tech composite fibers, structural adhesives and special sealants known as syntactic foams. The small business he founded a decade ago has grown steadily since the recession, employing 21 workers on several production lines.

But now, with a tax hike on the horizon as part of a deficit-reduction deal as envisioned by President Obama and the Democrats, it may become more difficult to expand his business and hire, Curliss says.

"What it absolutely means is less cash for growth in my business," he told ABC News. "In the worst-case scenario, it means we let someone go or have to reduce benefits."

Read the whole story at ABC News