Well America has a new President, Barack Obama.
Some of Obama’s plans for small business include:
- Increase the minimum wage and index the rate to inflation so that it goes up every year
- Wants to eliminate all capital gains taxes for new business start-ups
- Give a $500 credit to business owners to offset the self-employment tax
- Proposes making the R&D tax credit system permanent
- Give a 50% refundable credit for employee health insurance premiums that are paid by the employer
- Suggests that entrepreneurship in rural America is critical – his solution? Create a small-business and microenterprise initiative where investors can get a 20 percent tax credit for $50,000 investments in small businesses
- Require all employers to automatically enroll workers in 401(k)s or IRA
- Keep the estate tax rate at 45% and increase the exemption limit to $3.5 million
What do you think of Barack Obama’s victory? Is it going to be a time of true change for America?
Do you think it will have an impact on your business in a positive or negative way?
