Posts Tagged ‘issues’
Which Candidate is Right for Your Business?
Tuesday, June 17th, 2008
And then there were two.
From here on out you are going to be the brunt of a barrage of political shenanigans. Hot air and dirt is going to be flying from all directions and it’s going to be tough trying to wade through it all to get to the bottom of where McCain and Obama stand on important issues. You’re even less likely to see through the deluge to the small business issues.
So I thought I’d present (in a nutshell) where the candidates stand on the top 3 most important business matters taken directly from ResourceNation.com :
McCain:
• Healthcare – Sen. McCain is proposing incremental expansions of health insurance coverage accompanied by reduced regulations of insurance companies and a more expanded role for Health Savings Accounts (HSAs). He is also proposing an income tax exclusion aimed at providing incentives for individuals to purchase their own insurance; essentially creating a tax credit for anyone purchasing health insurance through an employer.
McCain is also strongly touting a detailed plan based primarily on cost containment and quality of care…performance of the doctors in particular. He has also proposed that small businesses, and those who are self-employed, can purchase medical insurance through qualified associations/organizations.
• Taxes – Similar to most candidates, McCain takes aim at middle income family tax cuts. He is proposing to repeal the Alternative Minimum Tax (AMT), which is paid nearly exclusively by 25 million middle class families. McCain also specifically addresses entrepreneurial tax cuts claiming that “entrepreneurs should not be taxed into submission.” McCain believes that lower taxes on income and capital gains promotes saving and channeling investment dollars into innovative, high-value uses as opposed to wasteful financial planning. McCain, similar to his Democrat counterparts, is proposing pro-innovation tax cuts, namely a ban on Internet and new cell phone taxes and a permanent R&D tax credit. Read about McCain’s tax cut plan .
• Economic Factors – McCain believes that the barriers to trade should be lowered, thus creating a more globalized mindset when it comes to trade. He wants to reduce the barriers to trade and level the playing field when it comes to global trading rules. McCain wants to increase the competitiveness of the American worker by increasing educational opportunities for all. McCain highly touts energy independence by eliminating our reliance on foreign oil. McCain has outlined a comprehensive energy security plan, which can be found here .
Obama:
• Healthcare – A similar proposal as that of Sen. Clinton in that he is proposing system-wide changes designed for covering most or all Americans. His system, like that of Clinton’s, would offer a pooling function where small businesses can ban together to get affordable health care insurance. Obama is proposing that he would exempt small businesses under 15 employees from this insurance requirement. See Obama’s full healthcare plan .
• Taxes – Obama offers several proposals targeted at small business growth and development, which include the elimination of capital gains taxes on start-up businesses. Some of his biggest tax proposals are aimed at providing a tax cut for working families; he’s calling this the “Making Work Pay” tax credit, which will completely eliminate income taxes for 10 million Americans. Many of those affected by this tax cut are employed by small business, all of whom could see a significant increase in take home pay without affecting the small business bottom line.
• Economic Factors – He is proposing to raise the minimum wage and index it to rise with inflation; this is aimed at ensuring full-time workers can make a livable wage now and ongoing. Obama also has similar plans to those of Clinton’s for increasing innovation and technology jobs. Obama does have some unique proposals including expansions of programs targeting capital to minority and under-served communities and patent reform. He has also called out specific economic help aimed at small businesses in rural areas. Read about Obama’s economic plans .
Whatever you do whether personally or professionally, make sure you make an informed decision.
Tags: campaign 08, issues, presidential race, Rebecca Button, ResourceNation.com, small business
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