Obama calls for small business tax breaks to boost job growth

The federal government should give tax breaks to small businesses in order to hasten job creation, President Barack Obama said Tuesday as part of his latest plan to fight stubbornly high unemployment. The president also called for further spending on infrastructure and investments in energy efficiency.

Just don't call it a stimulus plan.

With unemployment at nearly a three-decade high and expected to remain elevated for at least another year, Obama unveiled the administration's latest ideas to boost hiring, the centerpiece of which is tax breaks for small businesses. Capital-gains taxes on new investments made by small businesses would be cut to zero for a year. Small businesses would also get a yet-to-be-determined tax break to spur them to hire more workers.