What the Obama Presidency Will Mean For Small Businesses
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.
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