How The Small-Business Owner Gets Clobbered

DAVE GOODRICH, WHO OWNS PART OF a small real estate firm in downtown Indianapolis, Indiana, ought to be happy right now. Thanks to the steady decline in mortgage rates, his business is growing rapidly. The company has nearly doubled its work force since 1986, while reinvesting roughly two-thirds of profits in new equipment and office space. But Goodrich worries a lot. His fear: a deficit-reduction package that will clobber many small firms like his. "This is a job-creating company that the government should help, not penalize," he complains. "I'd rather have Bush's recession than Clinton's tax increases."

Goodrich has plenty of...

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