It’s election season! As the media inundates the public with analysis and opinion, it’s hard to find what is actually important to many small business owners: how will the new president affect their bottom-line. Even though all the candidates echo each other in one form or another (i.e. tax cuts), there are still some subtle differences in between their policies. However, there are two major areas in which the candidates differ.
1. Experience
Romney worked at Bain Capital, where he turned around failing businesses and amassed a personal fortune. Santorum and Gingrich can’t match up to Romney’s personal business experience, although Gingrich often refers to his time in Congress during the boom of the 90’s. All in all, Romney takes this aspect.
2. Tax Policy
All candidates are proposing cutting the corporate tax, maintaining income tax cuts, and ridding the estate tax. Romney plans on cutting the corporate rate to 25% from 35%; Santorum goes even further, cutting it to 17.5%; Gingrich poses the largest cut, slashing the rate down to 12.5%. However, Ron Paul has said that he would do away with all income, capital-gains, and estate taxes- the most radical stance of any of the candidates. So, who takes tax policy? Paul would, but his plan seems unfeasible- so it goes to Gingrich, who proposes the largest cut to corporate tax, benefitting businesses directly.
When you head to polls in the coming months, make sure to keep in mind how the candidate you’re voting for will affect your bottom-line. Not every candidate will fit each business, so do your research and make your vote count!
