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President Obama, the Next 4 Years: The Economy - Small business owners leery of president's second term
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During the campaign some say -- Obama took a direct aim at business owners making comments like.
Even bill that yes that did make business owners mad at least some of them so what other expectations for a second Obama administration.
Nick what is the CEO of popcorn and new media technology company he joins us nice to see again next hey Greta -- to have me back.
So what tell he had put on your -- -- he can't tell me what what's gonna happen to business in the year 23.
-- well right now the election is over and small business owners are waiting for the other shoe to drop.
We see the president has gone out met with big labor the president has gone out and spoke TC EOs of very large corporations.
He's got out and and met with congress but noticeably missing from that equation as anybody from small business.
So what I've learned in Washington if you if you don't have a seat at the big boy table you're probably going to be on the menu.
And the reality is -- small business was very popular during the campaign we -- in the spotlight but how quickly we moved out of the spotlight -- have moved into the cross hairs.
So I'm afraid that small business is gonna be the sacrificial lamb as we go through this process over the next eight to ten weeks.
We know it's really -- down.
Back to talk to small business incentives off the campaign we hear about how that the small businesses the engine economy -- satellite passing health care legislation and not talking to the doctors and nurses in the patients instead paid attention the lobbyists and politicians.
You know it's astounding that that I know that -- that the president met with -- met with -- with big business.
-- why you think he would meet would small business it just seems like a Smart thing to hear what they have to say.
Yeah I think our our fingers on the pulse we're with the growth engine worked for the country from an economic perspective and what he needs to hear is that there's a normal small business.
Historically we always plan for the worst and hope for the best.
Now we plan for the worst and can hope for less force.
So we've really -- and our expectations and there's there's real data in the marketplace to point to that I have my health care costs are going up 19% next year.
Energy costs are going through the roof as a coal industries is put under attack -- Internet technology company and and we're big consumers of well electricity.
Our electricity costs have gone up -- 1222030%.
Year over year for the last four years.
So.
You know we have we have a good perspective on on what's gonna happen in the economy and we have to operate with a bit what we see.
And and that's the less worse scenario the the worst case scenario coming out -- is that -- looking at a 40% business tax rate.
First for small businesses when when you have an environment which China has -- -- -- 5% business tax rate in America small business has as has a 40% tax rate.
That's not good for small business that's not good for hiring.
Instead of us using note that that those proceeds to hire more folks shorts and get outrages what you invest in the business -- -- sending money to Washington.
The president.
Isn't talking -- a small business and why do you think he's not thinking about the impact of a tax increase on small business -- Set aside the with the so called the wealthy but on a big impact on small business -- why -- look at that.
I honestly think he doesn't understand I don't think he's got a small business background.
He's a law professor he's in the community organizer.
Or very noble impressions but he's never actually meet a payroll or or run a small business.
And an art in the dynamic set up in Washington right now is really -- put restraints on growth and expansion.
If you have a small business right now forty employees you're really disincentive to get the -- because if you get the fifty employees.
-- are subject to the rules and regulations and taxes and penalties of obamacare.
If you have sixty employees you're gonna cut ten to get below fifty so that you thought that -- those rules and regulations.
And then get.
Go ahead and then ultimately if you if -- -- from from a profit perspective on the female -- the -- he wanted to -- to get north of 200 to 250000 dollars.
Good thing you're gonna get hit twice wonder gonna move into a higher tax bracket the 40% small business tax bracket.
And also obamacare has has an increase in your capital gains tax to three point 8% that's hidden.
You're there 800 billion dollars of tax is coming down the -- associated with obamacare they're -- written into the into law.
So we have to maneuver around those and and in small small business owners are Smart we're gonna maneuver.
And as you stated earlier even -- even if they get the 800 billion dollars from small business.
Over the next ten years it's eighty billion dollars a year you -- -- funded government for a few days it actually finds a deficit for about 22 days.
It did step from small business people it doesn't seem like a -- are optimistic get picture and does the presence of Fiat wasted about small businesses because if if we if we put a clamp on them we're gonna have engine we're gonna have -- -- proms and our economy Obama take the last run that.
Thanks give thanks -- -- and up.
