Governor Mitt Romney vs. President Barack Obama. Presidential Election 2012: Political Policies affecting Small Business Owners. Overview.
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Presidential Election 2012: Political Policies affecting Small Business Owners
This presentation is a comprehensive report comparing President Barack Obama and Governor Mitt Romney’s policies surrounding small business in the United States. This report focuses on the tax, health care, and energy policies each candidate is currently supporting and is an objective analysis of the facts. Determination as to whom is a bigger proponent of Small Business success will be left to the individual interpreting this data.
Analysis of Tax Policies For President Barack Obama and Governor Mitt Romney
The year 2012 could be the last year for America's current tax rate structure. Six tax rates, ranging from 10% to 35%, have been in place since 2003. The Tax Relief Act of 2010 temporarily extended the current tax rate structure through the end of 2012. Tax rates will revert automatically to their pre-2003 levels unless new legislation is passed.
Analysis of Health Care Policies For President Barack Obama and Governor Mitt Romney
What will happen to health care if President Obama is Re-elected
Beginning in 2014, businesses with 50 or more employees will have a choice: They can sponsor a health care plan for 100% of their employees (even those signed up for government-subsidized health insurance) or pay $750 per worker in penalties to the federal government.
A business might opt to take the penalty and do away with health insurance. Paying the annual penalty might be cheaper. So that would leave the employees uninsured, and they would have to go to state health plan exchanges to buy health coverage that could be more expensive.
The new reforms don’t put any caps on health insurance premiums. Insurers have every reason to hike rates before the new insurance markets come around in 2014 with added competition.
The government won’t require companies with fewer than 50 employees to offer health insurance starting in 2014, and therefore these companies won’t have to contend with possible fines like their big brothers.
Firms with 50 or fewer workers would be exempt from coverage provisions, they will still have to contend with rising premiums.
Affordable Care Act may bring tax relief
Beginning in 2010, companies with less than 25 employees that pay the majority of health care premiums for their workers qualify for a tax credit up to 35% of their premiums
In 2014, that credit could be as great as 50% of premiums if you arrange insurance via one of the Small Business Health Options Programs, or SHOP Exchanges
The tax break will be dependent on the number of employees employed as well as the average salary
“In 2011 as a result of the new law, a business will have to report the value of an employee’s health care coverage on W-2 forms. Many companies provide coverage for employee dependents not enrolled in other employer-based health plans up to age 22 or 23; next year, that age limit will rise to 26. All lifetime caps on insurance policies offered through employer-sponsored plans will be eliminated in 2011. Penalties will increase for the misuse of HSA funds, and workers with FSAs and HSAs will not be reimbursed for money used for over-the-counter drug purchases.”
What will happen to health care if Governor Mitt Romney is elected the president of the united states
If elected, on his first day in office, Mitt Romney will issue an executive order that enables the Federal Government the ability to issue “Obamacare” waivers to all 50 states.
He will proceed to work with Congress in able to repeal the full legislation as quickly as possible.
“In place of Obamacare, Mitt will pursue policies that give each state the power to craft a health care reform plan that is best for its own citizens. The federal government’s role will be to help markets work by creating a level playing field for competition.”
Analysis of Energy Policies For President Barack Obama and Governor Mitt Romney
Continued increase in federal standards as they pertain to fuel efficiency of cars and light trucks
Maintain the Environmental Protection Agency’s (EPA) power to regulate carbon dioxide emissions
Seek to reduce greenhouse gas emissions from all fossil fuels
Maintain incentives for “alternative” energy
Strip the Environmental Protection Agency (EPA) of the power to regulate carbon dioxide
Restrain the Interior Department from the ability to lease and issue permits for drilling on federal lands and waters, instead relinquishing this power to states, which according to Governor Romney, will issue permits more efficiently and quickly.
Eliminate the production tax credit for wind projects.
Maintain the federal mandate for ethanol use. While not a subsidy, this mandate orders refiners to use minimum amounts of ethanol.
Open all federal lands and waters for drilling, including the entire Pacific and Atlantic coasts as well as the Arctic National Wildlife Refuge.
Keep tax incentives and tax breaks for oil and gas drilling. These amount to about $4 billion a year.
Approve the Keystone XL pipeline, which would carry oil sands from Canada to the Texas gulf coast, on day one of his administration.
Remove obstacles and EPA regulations that are impeding the development of coal.
A review of the policies discussed
Both Presidential candidates have interesting policies in regard to Tax, Health Care, and Energy. This report has provided the facts surrounding each one of these policies and how it relates to Small Business owners. The analysis will be left to the reader. The facts have been established and now as the reader you must determine which candidate is a bigger proponent of Small Business success in America.
The data portrayed in this presentation is an informative selection of policies dictated by President Obama and Governor Mitt Romney as they relate to small business operation. I chose to create this presentation, so owners of small businesses can easily read into the basic facts each candidate is proposing for this upcoming election. A small business owner or any voter for that matter can quickly glance at this presentation and get a relatively thorough understanding of the policies dictated by each Presidential candidate. This information will enable the reader to make his or her own determination as to whom they support more in terms of small business practices. With easy to read bullet points and side-by-side policy comparisons, it makes this guide an extremely valuable assessment tool. This is essentially a one-stop shop for statistics and data surrounding the election. I plan on distributing this presentation around to my friends who currently own small businesses via e-mail. I hope they will pass it on to their own friends and so-on and so-on. The goal is for this presentation to reach as many small business owners as possible prior to election day in November 2012.