Barack Obama or John McCain, who will do the most for small business as the President of the United States? With so much rhetoric and mischaracterization of the opposing candidates positions, it can be very difficult to discern who stands for what, and who would be better for small businesses and franchises. Here are some excerpts from each candidates plans for small business, taken directly from Obama’s website and John McCain’s website (although McCain’s website is having some technical difficulties at the time of this writing). Today we’ll focus on issues directly relating to small business taxes and the cost of doing business.
|• Repeal income tax cuts for those making over $250,000.||• Cut corporate tax rate from 35% to 25%.|
|• Eliminate taxes for senior citizens with incomes of less than $50,000.||• Double the exemption for dependents from $3500 to $7000.|
|• Eliminate capital gains tax for small businesses and start-up companies.||• Reduce the estate tax to 15 percent.|
|• Increase minority and women-owned small business access to capital.||• $10 million exemption for families to retain their businesses.|
|• Reduce taxes for rural small businesses through a 20% tax credit.||• Allow 1st year deduction (expensing) of equipment and technology investments.|
|• Raise the minimum wage.||• Expand free trade agreements.|
To read more, try this comparison of John McCain Versus Barack Obama on Small Business Issues.