How Will the 2008 Election Effect Small Business? An election year, especially one during a slow economic period, gets small business owners talking. This year, taxes, healthcare and start-up incentives top the list of topics important to U.S. entrepreneurs. Below is a list of the candidates’ positions on these “hot” topics: | John McCain (R) | | | | | | | Barack Obama (D) |
| • Maintain the top tax rate at 35% and capital gains and dividend rates at 15%. | | | | | | | • Eliminate capital gains taxes on small and start-up businesses. | | • Phase-out the Alternative Minimum Tax. | | | | | | | • Provide $500 “Making Work Pay” tax credit to almost every worker in the U.S. | | • Reduce the corporate tax rate from 35% to 25%. | | | | | | | • End tax breaks for companies that send jobs overseas; reward companies that support American workers. | | • Permit first-year expensing of equipment and technology. | | | | | | | • Make the R&D tax credit permanent. | • Establish permanent tax credit equal to 10% of wages spent on R&D.
| | | | | | | • Create national network of public-private business incubators. | | • Reduce Estate Tax rate to 15% and provide $10 million exemption. | | | | | | | • Provide health tax credit of up to 50% on premiums paid by small businesses on behalf of their employees. | | • Provide $2,500 per person (or $5,000 per family) toward purchase of health insurance. | | | | | | | • Enable small businesses to buy low-cost, high quality health plans through national exchange. | | | | | | | | | |
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