Small biz growth slashed 21 percent

Expectations of a surge in new small business growth this year was slashed by over 20 percent today amid worries about higher taxes, the pending “fiscal cliff,” and sagging consumer confidence and spending.

According to the International Franchise Association, which represents hundreds of thousands of franchises around the nation, the dire economy made worse by uncertain tax and regulatory policy in Washington has cut the the growth of new small businesses forecast at 1.9 percent earlier this year to 1.5 percent.