ShareThis Page
Business Headlines

What businesses can expect with new Congress

| Saturday, Nov. 8, 2014, 9:00 p.m.

NEW YORK — The shift in power in Congress may give small businesses help with taxes and regulations, but there's little expectation that sweeping changes are in store.

But the approaching 2016 presidential election might motivate lawmakers to come up with legislation Democrats and Republicans can agree on, says Todd McCracken, president of the National Small Business Association.

Taxes

Party differences dim chances for a big federal income tax overhaul, says Dan Danner, president of the National Federation of Independent Business. That would keep many individual business owners in a higher tax bracket than many corporations have.

But there could be support for a permanent extension of a deduction that allows small businesses to deduct up-front rather than depreciate costs of some equipment.

Health care

Republicans aren't expected to try to repeal the health care law, but they are likely to try to change parts of the law small businesses oppose, NSBA's McCracken says.

Some owners oppose a portion of the law that declares employees who work 30 or more hours a week full-time. Those workers must be offered affordable coverage if a business will have 100 or more employees in 2015. There's a good chance Republicans will try to ease that requirement, Danner says.

Minimum wage

Republicans have opposed Obama's calls for the federal hourly minimum wage to be raised to $10.10 from $7.25. But voters in five states cast ballots in favor of a higher minimum, including usually conservative Alaska, Arkansas, Nebraska and South Dakota.

The success of those referendums and legislative votes this year to raise the minimum in 10 other states may encourage Republicans to support a higher federal minimum, says Holly Sklar, director of the advocacy group Business for a Fair Minimum Wage.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.

click me