Until just a few days ago, you may have never heard of Paul Ryan. Now, picked as Mitt Romney’s running mate, Ryan, the Republican congressman from Wisconsin, has been launched into the national spotlight. The 2012 elections are crucial as we move out of the recession and into recovery. So which candidates will be the better option for small business owners?
We’re pretty familiar with Obama’s stance by now, so let’s take a closer look at Paul Ryan.
His idea that seems to be getting the most attention is his plan to simply have two tax rates – 10% and 25%—instead of the six rates that we currently have and cut the corporate tax rate down from 35% to 25% as well as eliminate tax credit and deductions. While Ryan’s tax plan will undoubtedly benefit the wealthy more than the middle class, it’s been argued that tax relief for the wealthy could mean hiring and expansion by business owners.
Ryan also hopes to lower former President George W. Bush’s capital gains (a profit that results from the sale of capital assets like stocks, bonds, and real estate) and dividend taxes – a battle he has been fighting for some time. Ryan is hopeful that getting rid of these taxes will mean small business owners have the ability to take the profits from stock options and reinvest directly back into their business with new equipment or employees.
Paul Ryan, like many Republicans, wants to get out from under Obama’s health care bill, though a full repeal is unlikely and his exact plans are unclear. But even so, this is a sentiment that many small business owners may get behind as many are fearful of the added costs the health care bill will likely create.
Do you think Ryan’s plans have the potential to help small business owners grow? Does he have your vote?
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