What an Obama White House Means For Your Business

Many people are looking forward to the upcoming election with both a lot of apprehension and excitement. Many analysts believe that this is possibly the most important election that the country has ever had and will be a pivotal moment in the history of the U.S. Small business owners and their employees all over the country are wondering what will happen with all of the problems on Wall Street. Here is some more information on what an Obama White House could mean for your business.

Barrack Obama has many different ideas for America and the means that can and should be taken to protect citizens from the problems of the current economic situation. Obama wants to help to expand the number of jobs that are available across America and to help people get on and start climbing the job ladder. Obama and Biden plan on investing $1 billion over the next 5 years in transitional jobs and career planning tools to help people that are in low income families to succeed in their job ventures. They also plan on implementing programs that will help youth in disadvantages homes to contribute to and strengthen their communities and also to provide them to develop skills that will help secure better jobs in the future. Obama also wants to help improve transportation methods and means across the country so that low income families will have reliable means to get to and from their jobs so they can be effective contributing members of society. These actions mean that more businesses will be able to find and employ reliable and hard working employees. They will have more efficient means to get to work and they will be more reliable. Job turnover will likely decrease and employees will stay at the same job longer creating more stability and prosperity for businesses. When employment is more stable, business is often more stable and will allow the economy to gradually stabilize as well.

Another thing that Obama and Biden want to do is to increase the Earned Income Tax Credit and expand the number of people who are eligible to receive this valuable tax credit. They also want to increase the availability of benefits to parents who are paying child support and increase the benefit for families who have three children or more. They also want to reduce the penalty for being married associated with the EITC because they believe that it hurts low income families. Another significant thing they want to do to help workers specifically is to raise the Federal Minimum Wage to $9.50 by the year to 2011 to help families cope with increasing inflation rates. Obama also wants to provide tax relief for working families through another tax credit called the Making Work Pay tax credit. It is intended to help offset the payroll taxes that workers pay every week when they receive their paycheck. He also wants to completely eliminate taxes for seniors who are making less than $50,000 a year. With the meltdown on Wall Street, the number of seniors who are becoming desperate is increase and Obama wants to help these people to weather the tough economic times by eliminating their taxes. These tax cuts and other benefits are intended to help employment become more stable and to allow workers to deal with the problems of inflation and the increasing amount of taxes they must pay. The increase in the Federal minimum wage could mean problems for some businesses. Those that are already struggling with the employees they have may be even more hard pressed to make a significant profit if the minimum wage is increased. On the other hand, if everyone is making higher wages, they will also be able to spend more and support the economy by buying goods from a variety of different businesses.

Obama and Biden have many things planned that they believe will improve the economic situation in America. The housing crisis is getting worse and energy and food prices are still very high. They want to help people weather the high cost of energy and will offer a $1,000 Emergency Energy Rebate to families in American and also put in place a windfall profits tax on excessive profits by oil companies to give back to Americans to help them pay for their rising energy and utility bills. Obama and Biden also want to provide $25 billion for a State Growth Fund that will allow states across the nation to prevent state cuts in health, education and housing assistance programs. They also want to help offset counterproductive property tax increases and tolls on highways. Obama and Biden also want to establish a $25 billion Jobs and Growth Fund to help replenish the Highway Trust Fund. This will allow them prevent cutbacks on road and bridge maintenance and will also help to fund new projects to repair schools which could save over a million jobs from being cut. All of these measures will help to stabilize the economy and begin the process of progress and development again which will be very good for your business.

Another objective of the possible Obama and Biden administration would be to create good paying jobs for Americans. They want to invest in manufacturing sector businesses and create 5 million of what they call Green Jobs. The believe that it is important to invest in the future workers of America and want to help the next generation of innovators and job creators get off to a good start. They also want to create an Advanced Manufacturing Fund that will award money to companies that develop and produce the most compelling manufacturing strategies. This can be especially good for your business even if you aren't the one who is developing these methods. Other companies will develop these strategies that will then be able to be passed on to other companies and other industries for more universal use. And in general, a more productive economy helps all businesses that are trying to grow and be productive. Obama and Biden also want to double the funding for the Manufacturing Extension Partnership or MEP which helps manufacturers all over the country to improve efficiency. Improved efficiency in other industries and manufacturing jobs could also result in lower prices for materials you need to run your business. This will allow manufacturing companies to make more profit and pass along some of the benefit to their customers through lower prices producing a lower cost in general to most people. This plan will also allow businesses to pay their employees better and to hire new ones to be even more productive. It will also improve competitiveness among companies and allow them to be more productive in general as well. The trickle down effect will also help you to be more productive and more profitable, contributing more to the economy and to your bottom line. The MEP program has proven successful and has created new jobs while saving others, but has become under funded and needs more money to keep up the work they have begun. Obama also wants to invest in a clean energy economy and invest $150 billion over the next 10 years to develop biofuels and to improve fuel infrastructure which will also create new jobs and lead to a more stable and productive economy.

Obama also wants to make sure that his administration provides the support that small businesses need to contribute to the economy and to make the most of the resources they have available to them. Obama and Biden want to provide tax relief for small businesses and start up companies. The will eliminate capital gains on start ups and small businesses to encourage more people to start them and to innovate and improves procedures. The Making Work Pay tax credit mentioned earlier will help small businesses shoulder the burden of paying the employee and employer portions of payroll taxes. Obama also wants to help reduce the cost of providing health care for small business employees by offering a Small Business Health Tax Credit. The intent here is to lower the cost for small business owners by providing a refundable credit of up to 50 percent of the premiums paid by the business for their employees. This plan would require that the business in question provide a quality health plan for their employees and also that they make a significant contribution to the premiums paid by employees. It would be most intended for small firms and would be phased out for mid size firms. It may also be phased out for small firms who have employees who are higher income earners. Obama and Biden would also support job growth by supporting entrepreneurship through a national network of public and private business incubators. These incubators would help entrepreneurs start up their businesses and get them quickly making profits. Obama and Biden would invest $250 million each year to increase the number and quantity of these small business start up incubators in disadvantaged and struggling communities all over the country.