In his speech on the economy in Chicargo on 6 January 2006, President Bush briefly mentioned small businesses. His reference to small businesses related to tax cuts. Here's what he said about small business tax:

"We cut taxes on small businesses. Most small businesses pay individual income tax rates -- sole proprietorship or a limited partnership or a subchapter S corporation. So when you reduce individual rates, you're really increasing the amount of capital available for small businesses to expand. And that's important because 70 percent of the new jobs in America are created by small businesses. And when you couple the tax -- reduction in tax rates with incentives for small businesses to invest in new equipment, you can understand why this economy is strong. The small business sector of the United States of America is flourishing. The entrepreneurial spirit is widespread, and more and more Americans are starting their own company."

See comprehensive extract of his speech here:

President Bush Speech On The American Economy For 2006