By PRNewswire
Wednesday, February 01, 2012
PANAMA CITY BEACH, Fla., Feb. 1, 2012 /PRNewswire/ -- Mitt Romney may have won the Florida primary yesterday, but the battle to the Republican National Convention in August still rages on. With the four candidates still continuing on in their quest for the Republican candidacy, what do Florida business owners need to know about how each candidate could affect Florida businesses if elected to the White House? While it might be too soon to tell exactly what actions the candidates might take should they be elected into office, looking at their current platforms on the economy can help business owners see what may be in store for them.
Newt Gingrich wants to stop the 2013 tax increases, citing the fact that after Congress extended the tax relief, job creation improved. He also intends on balancing the budget by controlling spending and implementing reforms that will save businesses money. Gingrich also wants to reduce business's taxes by allowing businesses to completely expense their new business equipment; reducing the corporate income tax to 12.5 percent; and eliminating the capital gains tax to allow American entrepreneurs to remain competitive with business startups in other countries.
Ron Paul has established a nationwide coalition called "Small Business for Ron Paul." Members of the coalition plan to spread the news on his Plan to Restore America, which has direct effects on businesses. Along with reducing the size of the federal workforce by 10 percent, he wants to lower the corporate tax rate to 15 percent and allow American companies to repatriate their capital without fearing additional taxation.
Rick Santorum believes in strengthening the economy by creating American jobs and that reducing job regulations and the size of the federal government will help achieve that goal. He wants to slash the corporate income tax to half its current level to allow businesses to remain competitive with others around the world. Santorum also wants to increase the Research and Development Tax credit to 20 percent as a permanent change.
Mitt Romney promises to reduce corporate taxes from their current levels of 35 percent to 25 percent to reduce the competitive disadvantage he believes this imposes on businesses. He also wants to open new markets of trade for American goods and services and create relationships that more highly favor America. Romney also wants to attract job creators from across the world to help spur innovation in America. He plans on raising visa caps for skilled workers and granting permanent residency to any immigrant who has advanced degrees in math, engineering, and science.
While there are several more primaries from now until the end of June, business owners will be anxious to see how the next presidential race might affect their issues such as their taxes or their Florida business insurance rates. The good news is that most of these candidates appear to want to appeal to business owners and help their ventures succeed by reducing the amount they will have to pay in taxes and rewarding them for innovation that benefits ventures on American soil.
Media contact: Amy Moczynski, 1-877-352-6334, amoczynski@352media.com
Work Comp Specialists' digital marketing campaign is managed by 352 Media Group, a web development and digital marketing agency that offers small business web design and small business marketing services.
SOURCE Work Comp Specialists/The Campbell Agency