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Small business has been a hot-button issue throughout the election. Whether it was President Barack Obama's "they didn't build that" comment or Mitt Romney's reputation as an investor who bought up companies and put them out of business, both candidates have had to answer their fair share of questions about what they would do for small business owners if elected.
Judging by recent poll results, there's no telling who the majority of small business owners will be voting for on Nov. 6. With the unemployment rate hovering around 8 percent for the past few months, the candidates' abilities to sell their economic vision to the country will be one of the big factors in who wins. With that in mind, BusinessNewsDaily has a breakdown of the economic policies of each candidate, focusing specifically on what they will do to help small businesses and workers.
President Barack Obama
- Tax cuts for small businesses- Obama's website says he has "passed tax cuts for small businesses 18 times and streamlined the patent process, providing a new fast track option to cut wait times by two-thirds and help small business innovators move ideas from the lab to market."
- Jumpstart our Business Startups (JOBS) Act - Obama signed the JOBS Act into law on April 5 with bipartisan support. The law provides companies a reprieve from Securities and Exchange Commission regulations and removes the SEC ban that prevented small businesses from using advertisements to solicit investors. The law also cuts SEC restrictions that prohibited crowd-funding in an attempt to help ease funding regulations.
- Affordable Care Act- Whether you agree with the ACA's health care policies or not, there is little room for debate on the fact that it will affect small businesses and their employees. The president's website says "millions of small businesses are now eligible for a tax credit to help pay for their health care premiums. The credit will increase to cover 50 percent of premium costs in 2014. Under the Affordable Care Act, help for small businesses — including the new insurance exchanges — will reduce small business health care spending by nearly 9 percent, according to independent estimates."
- Other small business policies- Obama's website also lists the following points as a part of his strategy for small businesses.
-- "As part of his To-Do List, the President is calling on Congress to give small businesses a 10 percent income tax credit for hiring more workers, and extend 100 percent expensing for new investments in 2012 for all businesses."
-- "President Obama wants to eliminate capital gains taxes for key small-business investments, and double the amount of start-up expenses that entrepreneurs can deduct."
-- "As part of the President’s framework for corporate tax reform, he has proposed allowing small businesses to expense up to $1 million in investments while simplifying the tax code for small businesses."
-- "To lower costs for entrepreneurs starting new businesses, President Obama has also proposed permanently doubling the deductible for startup costs to $10,000 from $5,000."
-- More on President Obama's policies for small businesses can be found on his website.
Governor Mitt Romney
- Economic plan- According to Romney's website, his economic plan is as follows: "The plan does not increase the size of the federal budget or bureaucracy. To the contrary, it cuts spending and streamlines regulation. It does not promise the immediate creation of some imaginary number of jobs, because government cannot create jobs—at least not productive ones that contribute to our long-term prosperity. It is economic growth, not government growth, that provides productive opportunities for American workers."
- Taxes- From Romney's website: "To repair the nation’s tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the revenue needed to fund a smaller, smarter, simpler government. The principle of fairness must be preserved in federal tax and spending policy." Additionally, Romney is also looking to pass the American Competitiveness Act which, according to his website, will "reduce the corporate income tax rate to 25 percent."
- Repeals– Romney's website also suggests that if elected. he will "work to repeal laws like Obamacare and Dodd-Frank that have given bureaucrats unprecedented discretion to craft unpredictable, job-killing regulations by the thousands of pages."
- Plan for Small Business- According to Romney's website, his plan for small businesses includes:
-- "Reduce taxes on job creation through individual and corporate tax reform."
-- "Stop the increases in regulation that are tangling job creators in red tape."
-- "Protect workers and businesses from strong-arm labor union tactics."
-- "Replace Obamacare with real health care reform that controls cost and improves care."
-- More on Mitt Romney's plan for business can be found on his website.