Carole Matthews

What Does a Bush Victory Mean for Small Business

 

Nov. 3, 2004--President George W. Bush has won his second term in office after a hard-fought election against Senator John F. Kerry.

What does another four years of the Bush administration mean for small business owners? Surveys of small business owners across the country have overwhelmingly shown support for Bush. TEC International, a CEO group, found that over two-thirds of 1,450 respondents wanted Bush for another four years in a survey conducted in September, and the U.S. Chamber also reported in September that 77% of 1,335 small business owners it surveyed supported Bush.

If Bush does remain true to his words, small business owners should expect to see changes in a few key areas they have declared as important to them during this election year, including healthcare and taxes.

Bush on Healthcare: Bush has proposed a health insurance tax credit for low-income individuals of $1,000 and families of $3,000. He's also proposed enabling small businesses to band together to negotiate lower insurance rates, and supports legislation that would allow small businesses to take advantage of Healthcare Savings Accounts.

Taxes: Bush promises to make the repeal of the death tax permanent. During his first administration, Bush increased the expensing to $100,000, which he supports making this cut permanent and increasing Section 179 expensing.

Legal Reform: Bush supports capping punitive damages for small business, and is a strong advocate for tort reform.

Regulations: Bush believes small businesses should be exempt from the Family Medical Leave Act.