With the election of Barack Obama as President and increases on the Democratic side of the aisle in the House and Senate, what’s in store for small business? In the short term, until inauguration, probably little will occur.
I’m keeping my eye on a few key things that could be seen within the first 100 days following the inauguration:
- Increased taxes (in the form of higher personal income tax rates affecting many small business owners as well as higher payroll taxes);
- Increased regulation (more rules for businesses to follow, which can be very costly); and,
- Hopefully, increased consumer confidence that the economy will improve (which would help to get customers to spend money).