How will election results affect small businesses and entrepreneurs?
During the campaign, Obama repeatedly vowed to tailor his second-term policies to the needs of small business owners and entrepreneurs, promising to improve their access to capital, limit their tax burden and alleviate their regulatory headaches in order to encourage job creation and business expansion.
But will it actually happen?
Political analysis will continue to pour in over the next few months and the full impact of yesterday's result won’t be realized for years. But here’s an early glimpse of what small and young businesses can expect from a spilit Congress and Obama’s second term in the White House.
1. Obamacare full-steam ahead: Romney won’t have the chance to extend waivers to the states, nor will he be able to lead a charge to fully repeal the health care reform law. The president’s victory quashes the legislation’s biggest remaining threat, and though regulators must still determine exactly how to implement the changes, the law will take full effect as scheduled in the president’s second term in office. Changes will include an employer mandate for businesses with 50 or more employees and a tax credit for business owners’ contributions toward their employees’ health costs.