What the Obama Presidency Will Mean For Small Businesses
By: THE WALL STREET JOURNAL | 2,231 Reads |
We can finally stop debating Joe the Plumber, and start looking ahead to what's to come. Sen. Barack Obama's campaign offered several proposals with significant implications for small businesses. Here's a look at some of those measures:
Obama_VictoryTAXES: Sen. Obama pledged to keep taxes at current levels for Americans with income of $250,000 or less – which includes the vast majority of entrepreneurs, tax experts say. Those earning more than $250,000 annually, however, would see their tax bills rise under the Obama plan. The president-elect also proposed eliminating capital-gains taxes for investments in start-ups and small businesses.
HEALTH CARE: Sen. Obama proposed changes that would eventually require employers to purchase health insurance for their employees, or pay a fine into a pool. Some small employers would be exempt from the mandate (though how many isn't clear). Sen. Obama also proposed giving employers a 50% tax credit on the cost of employee health insurance to reduce the cost burden.