A Small Business Owner's Guide Election 2012

Obama Vs Romney, 2012 Presidential Election Guide

With the presidential debates now over, the campaigns of President Barack Obama and Republican challenger Mitt Romney are entering the final stretch to the November 6 election.

The needs of small businesses and entrepreneurs have played a prominent role in the campaign, including the three recent debates. The Washington Post enlisted a panel of small business owners in swing states to judge the debates.

The group of seven business owners was generally as divided as the electorate, with two favoring President Obama, two supporting former Massachusetts governor Romney, one leaning toward Obama, one toward Romney and one undecided.

Like most polls, the small business panel gave the advantage to Romney in the first debate and to the President -- slightly -- in the last two.

Whether or not they agree with that sampling of opinion, and whatever their political views, small business owners will have plenty to consider as they choose the candidate that they feel will be best for entrepreneurs.

A sampling of the key issues and their positions, according to Bloomberg News:

(1) Taxes: Obama says he has cut taxes for small businesses 18 times in his term, though many of the cuts were extensions of previous breaks and some have expired. The president has proposed extended payroll tax cuts. Romney favors more extensive tax reform, including rate cuts of 20 percent for individuals and 30 percent for corporations by closing tax loopholes.

(2) Health Care: The president has assured small business owners that they will come out ahead in the Affordable Care Act, which he says will provide more economical insurance options for small employers who help pay their employees' insurance premiums. Romney has promised to repeal and replace Obamacare, criticizing the mandate which requires businesses with 50 or more employees to provide insurance or pay a penalty.

(3) Regulations: Both candidates say that regulations are an important part of any stable free market system, Romney wants to roll back a long list of regulations that he says are inhibiting the growth of business. But some regulatory changes under Obama have been popular with small business owners, including the Small Business Association's efforts to simplify the borrowing process for both small business lenders and entrepreneurs. .

(4) Immigration: Both candidates support legislation that would allow foreign-born entrepreneurs who start companies and create jobs to continue living in the country, The candidates disagree on how to handle undocumented workers, with Romney taking a much stricter position.

No matter how they vote, Horizon Business Solutions is ready to help small business owners with tax and benefits planning, dealing with governmental regulations and many other issues.

Call (614) 577-1700 or visit our website at http://www.horizonbiz.com to get started.

Keith Cannon | 10/25/2012

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A Small Business Owner's Guide Election 2012