IMAGINE...SMALL BUSINESS UNITED
October 30, 2008
About 70 million people work for small businesses. These people make up one-third of the entire population of U.S. voters and can wield incredible influence in any election. Regardless of the polls, any candidate that can make his case in support of small business could walk away with the presidency on November 4, says Terry Neese, a distinguished fellow with the National Center for Policy Analysis.
Two-thirds of small business owners have been affected by the credit crunch, and 38 percent say economic policy will sway how they vote in November. They're carefully listening to what the candidates have to say about taxes, health insurance and other key issues. On taxes:
- John McCain emphasizes lowering corporate taxes, making permanent the Bush tax cuts, and lowering the capital gains tax.
- Barack Obama would raise capital gains and income taxes on individuals making over $250,000 a year, but would exempt small businesses from capital gains.
On health care:
- Sen. Obama would provide tax credits to employers paying insurance premiums, but allows individuals who can't afford insurance to buy into a government plan.
- Sen. McCain would establish refundable health care credits for individuals to purchase their own insurance, even across state lines.
Both candidates acknowledge the need for flexible workplaces so parents can balance family with work.
Small businesses create two-thirds of all new jobs, and contribute half of the Gross Domestic Product. And contrary to the reputation assigned them by the media, chambers of commerce are not creatures of big business; 96 percent of chamber members encompass businesses with fewer than 100 employees.
"Policy changes that help small businesses grow and prosper will help America grow," says Neese.
Source: Terry Neese, "Imagine…Small Business United," Tulsa Today, October 28, 2008.
Browse more articles on Tax and Spending Issues