Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

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Where Candidates Stand With Small Businesses
Winning the support of small business owners will be a daunting task for Barack Obama and John McCain.
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Kim Posted: 1:05 PM On October 22, 2008
Obama's plan is to take away the tax breaks that were given to businesses by the Bush administration. But will reward those businesses that keep jobs in America with tax breaks. Most small business owners will still benefit because of the tax breaks he plans to give to businesses who keep jobs here in America. McCain's plan will continue to benefit the multi-million dollar companies who get the same tax breaks, but they have outsourced American jobs to overseas. Maybe your business enables you to pay your employees a salary that is comparable to what they could earn at a major corporation; but most small business do not. The most simple, basic math will show that if I take a job paying less than I had, I have less spending money. This also means less tax for the government. As a result, a failing economy which we are now witnessing. Obama knows where the true problem lies; McCain does not appear to realize this.
Kelly Posted: 3:36 PM On October 15, 2008
I am an under 50, long term self-made female small business owner and I support McCain. I'm not 'Republican' or 'Democrat'. I'm a business person. I've owned multiple businesses in my career, the latest for 16 years - usually 10-12 employees. I've chosen to build business on profits, not loans or vc funding. Because we are an s-corp. building on profits means often paying higher taxes at year end because we get taxed personally on profits rather we take the $ or not. Most non-business owners DO NOT understand this. Many doctors, lawyers, CPAs and others have similar tax scenarios. That means we WILL see big tax increases, not to mention payroll increases, etc.

I see Obama as a threat to small business. I am making contingency plans for the first time in 16 years. I expect more and more people to take their money 'off the table' if Obama wins. Please THINK before you vote for Obama.
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