What the 2012 Elections Mean to Business

The 2012 Elections will set the tone for the business climate in the United States for at least the next four years and perhaps longer.  This election will determine the consensus on important business issues like taxes, regulation, energy development, health care reform, and the role of government. 

These issues are crucial to the health of small businesses.  By definition, small businesses are those businesses employing 100 persons or less.  These businesses account for three-quarters of all new jobs in this country and are the majority of our local businesses.  These business owners are the backbone of our local economy and collectively are what keep the national economic engine running. 

Small businesses provide the majority of jobs in the United States.  Yet rather than create jobs, business owners are uncertain about the future of tax policy, regulations, energy development, and health care reform.  This uncertainty is preventing the creation of jobs and the improvement of our economy.  Here are the business issues for this election.

TAXES

Pro-growth tax policies preserve businesses’ ability to grow, invest, and create jobs.   Reduce the budget deficit through higher economic growth, spending restraint, and entitlement reform—not higher taxes.  Enact a pro-growth tax agenda including permanent extension all of the 2001 and 2003 tax cuts.

REGULATORY REFORM

A dramatic increase over the past four years in burdensome regulations is causing tremendous uncertainty for business owners around the country.   It is critical that Congress and the administration recognize that the regulatory burden and uncertainty they have imposed on job creators has reached a tipping point that inhibits economic growth and job creation.  

ENERGY DEVELOPMENT

Businesses need affordable, reliable energy sources.  Commonsense solutions are needed to accelerate the commercial use of clean energy technologies, preserve jobs and economic growth, promote efficiency, and achieve energy security and environmental benefits.  We need to maximize U.S. energy resources.  The federal government must embrace greater development of America’s vast energy resources including investments in clean coal, policies that enable the expansion of renewable energy resources and emissions-free nuclear power, and greater access to onshore and offshore oil and natural gas exploration and production.

HEALTH CARE REFORM

More than 168 million Americans currently receive health insurance through voluntary, employer-sponsored plans.   Regulations contained in the Affordable Health Care Act will change this dynamic causing many businesses to drop health care coverage, increasing the number of Americans without private health insurance.  Businesses need meaningful medical liability reform with health courts, caps on punitive damages, and other medical liability reforms that ensure fair damage awards, eliminate frivolous lawsuits, and lower costs.

These are a few of the issues business is watching during this election.  A strong business community means a strong economy and that means jobs for American.   Fundamental tax and spending reform is needed and such reform will depend on who is elected to represent us and this nation.  What happens in Washington DC affects the jobs in our community.

When you vote on Tuesday, November 6, vote for jobs.