Silicon Valley did a lot to help Obama get elected and Silicon Valley naturally assumed that the Obama would do the same in return. It hasn’t quite turned out that way. The first surprise to many Valleyites is how innately anti-entrepreneurial the new administration has turned out to be. Candidate Obama looked like a high tech executive — smart, hip, a gadget freak — and he certainly talked pro-entrepreneur. But the reality of the past six months has been very different.
Almost every move the new administration has made regarding entrepreneurship seems to be targeting at destroying it in this country. It has left Sarbanes-Oxley intact, added ever-greater burdens on small business owners, called for increasing capital gains taxes and is now preparing to pile on cap-and-trade, double taxation on offshore production and a host of other new costs. Even Obamacare seems likely to land unfairly on small companies.
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