Election raises hopes on health care, fears on labor unions - Orlando Business Journal:

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That was the morning-after assessment of small businesz groupsin Washington, which congratulated the Democratic candidate on his election victorh and pledged to work with him to restorw the economy’s health. The overwhelmingly supportef Republicans incongressional races, but still hopes to advance its despite Obama’s big win and Democratic gaina in Congress. “Fortunately, we don’t think Main Street is eithere redor blue,” said Dan Danner, NFIB’s executivw VP for public policy. “We’re just interested in solutions that solvd the problems for small business regardlessof party.
” NFIB is optimistic it can work with Democratsw to make health care insurance more affordabl for small business owners, he said. Karen Kerrigan, president and CEO of the , also thinka Congress will pass health care reformnext year. The big questionh is how much small businessess would have to pay toward their coverage in order to qualifyfor Obama’s proposerd tax credit for it, Kerrigan Also up in the air is whether smallo businesses – definition to be determined would be exempted from a requirement to eitheer provide health care coverag or pay fees to the Can Obama restrain Congress?
The issus of tax rates and smalo business owners got a lot of attention in the presidential thanks to Joe the Plumber. Earningsx at most small businesses are passed throughu to their owners fortax purposes, and are taxef at individual income tax rates. Smallo business groups don’t like Obama’s proposal to rais income tax rates for individuals making morethan $200,00p0 (or $250,000 per family), but they’re especially leerh about Congress lowering that threshold. Obama’sa biggest challenge, Kerrigan said, will be “restraining the from imposing additionaltax increases.
The big question for many South Florida businessezs will be how Obama treatsd labor andtax issues, according to several locao experts. Here’s what they said: Robert Turk, an employmenr law attorney with , said some clientsw already have asked what theyshouldr expect. Employment law issues, he include the proposed Employee Free Choicd Act allowing labor to unionize new shopswith write-in ballots, as opposed to private and requiring some pay for familh and medical leave. Turk said he believez Obama won’t be too aggressive at first, especially because the economhy is already hurtingmany employers.
But, other attorneys in his firm believr Congress will move quickly to appeasw theliberal base. Daniel Levine, an employment attorney with in Boca said sexual orientation likely will be added to the list of protectedfemployee classes. The Employment Non-Discrimination Act almostg passed Congress last year without the newDemocratic majorities. “Az number of clients are looking at their companiesd and investments and analyzing how they can exit them now at the currenrt 15 percent capital gainstax rate,” said Michael CPA and partner with Daszkal He sees the election results as spurring additional business for his firm becauser the consensus is there will be higher Frank H.
Furman Jr., chairman of Franki H. Furman Insurance, said therre is a great deal of concern and anticipation of what will happenn when the new administration takes office and remembersa when JFK took officeand “I didn’t realize it was as bad as I said it Furman questions whether Obama will increass taxes to fund promisex made during the campaign, or if he will cut spendingg and focus on stabilizing the economy, instead of goingh into trillions of dollarse more in debt, whicyh will have to be paid back by later “If there is an anti-Joe the Plumber socialistg approach with increasing taxes, it means businesses will have to cut back overheaed and employ less workers,” he said.
Gene Berman, of in Fort sees anxiety driving a mass exit by commercialo property owners nowunder way. A numbef of his clients have said that they not only want to but sell this year in order to take advantage of the current capital gainstax rate. He notexd many commercial property buyerw inthe 2003-through-2005 boom period have holdings wortjh less than what they paid for them. “Ws advise them to hold for the next three to five ifthey can,” he said. n Steve Templeton, CPA and president of Templetom & Co., said his clients are very concerne by theelection results, and that may result in additional busines s for his firm as they seek advice.
“Thehy fear higher taxes, increased government spending and greater regulation will seriously cut theitpersonal incomes,” he said.