Small Business Issues of Upcoming Election

BANGALORE, INDIA: Paychex, Inc., the nation’s leading provider of payroll services to small businesses,has released its list of the top five issues of great importance to small business owners and entrepreneurs as the country approaches the upcoming national election.

The regulatory team at Paychex has identified the following five election-year issues of importance to small business owners and entrepreneurs:

1) Taxes: Deficit reduction and tax reform are sure to be significant areas of dialogue during the election, especially when considering the potential provisions that could specifically impact small businesses.

2) Overall Regulatory Burden: Another likely election subject will be the degree of existing and proposed regulations facing small businesses and the appropriate balance between business and consumer priorities. In addition to taxes, the existence of a ”business-friendly” environment, also referred to as freedom from undue regulatory burden, is usually seen as a primary factor in a small business owner's appetite for expanding and/or investing in his or her business.

Also read: To cloud or not to cloud is the question

3) Employment Regulations: A particular area of focus this election season will be the topic of worker-focused regulation by the federal government. Such regulations include an increase to the federal minimum wage, the creation of additional ”protected” categories during the hiring process (i.e. the unemployed, those with criminal records or poor credit histories), steps to ease the formation of labor unions, and other items which might not garner broad support from the business community.

4) Immigration: Early indications are that immigration policies may be a key point in the election, particularly in select swing states. A key focus of the immigration debate will likely be the extent businesses should play a role in managing and enforcing immigration policy through hiring practices.

5) Retirement Security: An item which could emerge as an election issue is the growing concern over the inadequacy of retirement savings for many Americans, and the possible role that some think employers could play in a mandated solution such as an Auto IRA program or other similar option.

Source: www.mediapaychex.com