Decreasing regulations would also help small businesses. Obama launched a government-wide review of regulations already on the books, and so far 26 executive agencies have submitted over 500 proposals for reducing regulatory burdens, according to Kaavl.
Healthcare Costs
When the presidents healthcare plan was enacted, reaction in the small business community was mixed. Some worried that the costs would be too high. Others welcomed the opportunity to provide insurance to employees.
A National Federation of Independent Business (NFIB) survey showed that more than 50 percent of small business employers view the cost of insurance as their most critical problem.
While small businesses want access to affordable healthcare, they dont want to give up their flexibility, according to Barretto. Instead of the government-run healthcare Obama champions , Romney favors private-sector solutions that would allow small businesses to:
- Pool together to form their own associations plans
- Buy insurance across state lines
- Have access to health savings accounts
The presidents healthcare plan does address the cost concerns cited, according to Kaavl.
Thanks to the new healthcare law, small businesses are now eligible for tax credits to help cover up to 35 percent of the cost of their employees healthcare. In 2014, small businesses will be able purchase coverage on new state-run marketplaces, giving them access to group rates that will cut their premiums by more than 15 percent, he says.
Jobs and Training
Another important issue for small businesses is the skills gap. According to the Jobs Council, many of the 3.3 million job openings nationwide go unfilled because businesses cannot find skilled applicants.
To address this challenge, Obama proposes a national initiative to train 2 million workers by bringing together community colleges and employers. College scholarships, affordable loans and tax cuts on college tuition are also key to the presidents plan to improve the education and skill level of the workforce.