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Election Impact on Small Business Owners


As the presidential election of 2016 draws closer, it’s imperative to take a look at how this affects small business owners. While small business owners are currently optimistic, they have a few key areas of concern right now including minimum wage increases, health care costs, potential interest rate hikes, and tax rates.
 
When it comes to minimum wage and income inequality, it is no surprise that candidates disagree on how to address the issue. The federal minimum wage is currently $7.25, but some cities have already passed laws to raise their minimum wage in the next few years. Others argue over the need to better educate Americans so that they can get jobs that go beyond minimum wage.
 
According to the Bank of America Small Business Owner Report, 68 percent of small business owners are reporting concerns over health care costs. * This is a downward trend over the past three years, but it remains a valid worry. Meanwhile, insurers are seeking significant premium increases under President Obama’s health care law, which affects small business owners and their employees.
 
Predictably, there are also fears over interest rates and tax rates. Around 58 percent of small business owners are concerned over taxes including Internet sales, capital gains, corporate, or export – a concern that rose between 2014 and 2015. And about 54 percent are concerned about interest rates – down slightly from 2014. *
 
To stay informed as the election quickly approaches, you can subscribe to receive FORUM’s free E-Newsletter on legislative issues. Click here to visit our E-Newsletter subscription page.
 
*http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2015.pdf

 

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