The Small Business & Entrepreneurship Council (SBE Council) has published a
summary of the plans and positions of the presidential candidates - Republican John McCain and Democrat Barack Obama - to create a comparative listing of where they each stand on key issues that are of concern to small businesses and telecommuters. Here's a summary of their findings on what I consider to be some of the hottest topics of the day to home business owners, those who may want to start a business and those who want to work from home:
| On Taxes and Small Business |
| McCain | Obama |
- Would maintain current personal, small business and investment tax rates.
- Supports allowing first year deduction of equipment and technology investment (immediate expensing)
| - Would raise taxes on entrepreneurs and small business owners with incomes above $250,000.
- Would eliminate income taxes for low income seniors with less than $50,000 in earnings.
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| On Working at Home |
| McCain | Obama |
- Would review current labor laws and rules with potential changes to enable more workplace flexibility, increased work-at-home arrangements, health coverage and retirement plan portability and more choice in job training assistance.
| - Would establish a national flexibility initiative to educate employers about workplace flexibility options.
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| On Healthcare Issues |
| McCain | Obama |
- No mandates on small businesses: small businesses should not be required to provide coverage to employees.
- Supports small business insurance pooling through associations.
| - Wants to create a new mandate requiring businesses to buy coverage, contribute to private coverage, or contribute a portion of payroll toward a public health insurance plan, also known as a "play or pay" system.
- Believes small business should be able to buy into a national federal health insurance pool and employers would then be entitle to a refundable tax credit of up to 50% on the premiums the pay for employees.
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| On the SBA and Small Business Investment |
| McCain | Obama |
- No mention in comparison by SBE Council.
| - Would establish a small business and micro-enterprise initiative for rural America, which would provide a 20% tax credit for small business investments up to $50,000 in small businesses.
- Wants to expand SBA and micro-loan programs.
- Would implement a Women-Owned Business contracting program.
- Supports strengthening SBA capital access programs directed at minority-owned businesses.
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Source:
A Comparison of the Presidential Candidates on Key Issues of Concern to the U.S. Small Business and Entrepreneurial Sector (PDF)
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Comments
I am voting for Obama for sure. I think that it is a no brainier and I live in Portland and I have yet to see one single McCain supporter. We need a change and we need it bad. It is obvious what the current prez is doing now is not working…
Great comparison! I do want to clarify that Obama’s plan exempts small business owners from having to provide insurance or cough up the payroll percentage if they cannot.
His plan offers incentives (health tax rebates) to small business owners who provide benefits, but not punishment to those who cannot afford to.