Small Business: Candidates On the Record - Page 3 of 3

Small Business: Candidates On the Record

government is to create the infrastructure for business and wealth.”

McCain states on his Website that he wants to reduce the federal corporate tax rate to 25% from 35%. “Entrepreneurs should not be taxed into submission,” said McCain at the Hispanic Business Expo. He believes the taxes we impose on American companies should be no higher than the average rate our major trading partners impose on theirs. Under the current corporate tax rate of 39%, small businesses are at a disadvantage to large businesses and are impaired when competing in the global economy. “We currently have the second-highest combined corporate tax rate in the industrialized world, and it is driving many businesses and the jobs they create overseas,” McCain says.

Universal Health Care
“Rising healthcare costs are a threat to our global competitiveness, a threat to our families’ budgets, a threat to our government’s solvency, and a threat to the profitability of American business. America has the best healthcare in the world, and we must work to keep it so, but we must also work to control costs and make that care more accessible. One way to accomplish those goals is to help small businesses link together to provide healthcare to their employees,” McCain said at the Hispanic Business Expo. The presumptive Republican nominee offers to make healthcare affordable, but not universal.

During the current presidential primary, universal healthcare stands out as a cornerstone issue that candidates are addressing. According to the NFIB, lack of insurance is especially problematic for small businesses and their employees.

“A universal healthcare program would help small businesses and minority-owned businesses tremendously because it would significantly lower the cost of providing benefits to their workforce,” Boston says.

Obama’s national healthcare plan will make health coverage affordable to all Americans, including the self-employed and small businesses. Small businesses that meet certain revenue limits will be exempt from contributing a percentage of payroll costs toward the costs of the national plan. Obama’s plan will also reimburse all employers for a portion of catastrophic healthcare costs that they incur above a threshold if they guarantee such savings are used to reduce the cost of workers’ premiums. Similarly, Clinton’s plan will provide healthcare tax credits to small businesses to create incentives for job-based coverage.