The campaign sent out the following email this morning to hundreds of thousands of supporters in the small business community:
Dear Lauren, On Friday in Ohio, Barack announced a Small Business Rescue Plan -- his effort to help the shops, restaurants, start-ups, and small firms that create jobs and make our economy grow. Barack knows that in these uncertain economic times, it's more important than ever that our rebuilding efforts start with the businesses on Main Street -- not the banks on Wall Street. Barack's Small Business Rescue Plan will give immediate access to credit, cut taxes to stimulate job growth and investment, and expand small business opportunities in every community. Read the plan today and share it with anyone you know concerned about the issues facing small businesses. Small businesses are responsible for more than two-thirds of new job creation, making their success a vital part of turning our economy around. Barack's Small Business Rescue Plan will unlock the credit that small firms need to move forward, pay their workers, and grow. Along with eliminating capital gains taxes on investments in small businesses, the Rescue Plan will provide additional temporary business tax incentives to stimulate immediate growth. And the Rescue Plan strengthens small business programs for women, service-disabled veterans, and minorities, making sure our recovery reaches into every community. Read it today and share it with everyone you know: http://my.barackobama.com/sbrescueplan Working together, we can help small businesses grow, rebuild our economy, and bring the change we need to our nation. Thank you, Small Business for Obama
You can read the full text of the Small Business Rescue Plan online at the Small Business for Obama website. You can also sign up to get involved in your local campaign effort.
A nation-wide program to provide affordable, fixed-rate loans to small businesses across the country. This would be run through the SBA's Disaster Loan Program, which provides loans to small business owners get the help they need to maintain their inventory and meet their payroll. He'll also make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program.
Relieving the tax burden on small businesses to help create jobs. He has proposed eliminating all capital gains taxes on investments in small businesses and start-ups. He has proposed an additional temporary business tax incentive through next year to encourage new investments. He will also give a middle-class tax cut to 95% of all workers.
Investing $15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade – jobs that pay well and can't be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.
Putting two million more Americans to work rebuilding our crumbling roads, schools, and bridges – because it is time to build an American infrastructure for the 21st century. He would also work with the Building Trades to expand apprenticeship programs so young workers can develop their skills.
Here's how he explained his reasoning for proposing the Small Business Rescue Plan:
If we're going to rebuild this economy from the bottom up, it has to start with our small businesses on Main Street – not just the big banks on Wall Street. Small businesses employ half of the workers in the private sector in this country, and account for the majority of the job growth. But we also know that a credit crunch has dried up capital and put these jobs at risk – shops can't finance their inventories, and small firms can't make payroll; it's harder to get an idea off the ground, or to provide health care for your employees. If we don't act, we'll be looking at scaled back operations, shuttered shops, and laid off workers. That's why we need a Small Business Rescue Plan – so that we're extending our hand to the shops and restaurants; the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now. We won't grow government– we'll work within the Small Business Administration to keep folks afloat, while providing tax cuts to lift the tide. It's what we did after 9/11, and we were able to get low cost loans out to tens of thousands of small businesses. That's one of the many steps we can and should take to help stop job losses and turn this economy around.It starts with a nation-wide program to provide affordable, fixed-rate loans to small businesses across the country. We can run this through the SBA's Disaster Loan Program, which provides loans to small business owners get the help they need to maintain their inventory and meet their payroll. We'll also make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program. By temporarily eliminating fees for borrowers and lenders, we can unlock the credit that small firms need to move forward, pay their workers, and grow their business.Just as we make lending more available, we need to relieve the tax burden on small businesses to help create jobs. That's why I've proposed eliminating all capital gains taxes on investments in small businesses and start-ups. And today, I'm proposing an additional temporary business tax incentive through next year to encourage new investments. Because it's time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. That's what I'll do as President of the United States.
If we're going to rebuild this economy from the bottom up, it has to start with our small businesses on Main Street – not just the big banks on Wall Street. Small businesses employ half of the workers in the private sector in this country, and account for the majority of the job growth. But we also know that a credit crunch has dried up capital and put these jobs at risk – shops can't finance their inventories, and small firms can't make payroll; it's harder to get an idea off the ground, or to provide health care for your employees. If we don't act, we'll be looking at scaled back operations, shuttered shops, and laid off workers.
That's why we need a Small Business Rescue Plan – so that we're extending our hand to the shops and restaurants; the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now. We won't grow government– we'll work within the Small Business Administration to keep folks afloat, while providing tax cuts to lift the tide. It's what we did after 9/11, and we were able to get low cost loans out to tens of thousands of small businesses. That's one of the many steps we can and should take to help stop job losses and turn this economy around.It starts with a nation-wide program to provide affordable, fixed-rate loans to small businesses across the country. We can run this through the SBA's Disaster Loan Program, which provides loans to small business owners get the help they need to maintain their inventory and meet their payroll. We'll also make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program. By temporarily eliminating fees for borrowers and lenders, we can unlock the credit that small firms need to move forward, pay their workers, and grow their business.Just as we make lending more available, we need to relieve the tax burden on small businesses to help create jobs. That's why I've proposed eliminating all capital gains taxes on investments in small businesses and start-ups. And today, I'm proposing an additional temporary business tax incentive through next year to encourage new investments. Because it's time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. That's what I'll do as President of the United States.
Click here for the full text and video of Barack announcing this important initiative.
Newspapers across the country focused this week on differences between the two candidates in terms of how they plan to provide for the needs of America's small businesses. Here's what some had to say.....
American business, typically a reliable Republican cheerleader, is decidedly lukewarm about Senator John McCain’s proposal to overhaul the health care system by revamping the tax treatment of health benefits, officials with leading trade groups say.The officials, with organizations like the U.S. Chamber of Commerce, the Business Roundtable and the National Federation of Independent Business, predicted in recent interviews that the McCain plan, which eliminates the exclusion of health benefits from income taxes, would accelerate the erosion of employer-sponsored health insurance and do little to reduce the number of uninsured from 45 million......Over the weekend, Mr. Obama more accurately characterized the McCain plan as a swap but one that would work to the detriment of millions. Middle-class families, he said, would “watch the system they rely on begin to unravel before their eyes.”The business leaders said that was also their fear. Despite steady declines this decade, employers still provide coverage to 62 percent of Americans younger than 65. Surveys show that they want to continue doing so to attract and maintain a productive workforce.The business leaders forecast that Mr. McCain’s free-market approach would impose particular burdens on small businesses and old-line manufacturers that are already struggling. “To some in the business community, this is very discomforting,” said R. Bruce Josten, executive vice president for government affairs at the Chamber of Commerce. “The private marketplace, in my opinion, is ill prepared today with an infrastructure for an individual-based health insurance system"......Officials with eight business trade groups contacted by The New York Times predicted the McCain plan would raise costs and force some employers to stop providing health benefits.A recent survey of 187 corporate executives by the American Benefits Council and Miller & Chevalier, a consulting firm, found that three-fourths felt the repeal of the tax exclusion would have a “strong negative impact” on their workers. Only 4 percent said they would provide additional pay to fill any gaps.John J. Castellani, president of the Business Roundtable, an association of leading chief executive officers, said his group instead supported extending the tax exclusion to those who bought coverage on their own.“One of the things we don’t want to do,” Mr. Castellani said, “is jeopardize 170 million Americans who do get insurance through their employers.”A number of business officials are worried that Mr. McCain’s tax credits would lure young and healthy workers into the individual market to take advantage of cheaper, less-generous policies. That, they say, would leave employers to cover an older and sicker pool of workers, forcing up premiums.Workers who found that they had less buying power with the tax credits than with the tax exclusion could be expected to pressure employers to raise salaries or benefit subsidies, the business officials said...
American business, typically a reliable Republican cheerleader, is decidedly lukewarm about Senator John McCain’s proposal to overhaul the health care system by revamping the tax treatment of health benefits, officials with leading trade groups say.
The officials, with organizations like the U.S. Chamber of Commerce, the Business Roundtable and the National Federation of Independent Business, predicted in recent interviews that the McCain plan, which eliminates the exclusion of health benefits from income taxes, would accelerate the erosion of employer-sponsored health insurance and do little to reduce the number of uninsured from 45 million...
...Over the weekend, Mr. Obama more accurately characterized the McCain plan as a swap but one that would work to the detriment of millions. Middle-class families, he said, would “watch the system they rely on begin to unravel before their eyes.”
The business leaders said that was also their fear. Despite steady declines this decade, employers still provide coverage to 62 percent of Americans younger than 65. Surveys show that they want to continue doing so to attract and maintain a productive workforce.
The business leaders forecast that Mr. McCain’s free-market approach would impose particular burdens on small businesses and old-line manufacturers that are already struggling.
“To some in the business community, this is very discomforting,” said R. Bruce Josten, executive vice president for government affairs at the Chamber of Commerce. “The private marketplace, in my opinion, is ill prepared today with an infrastructure for an individual-based health insurance system"...
...Officials with eight business trade groups contacted by The New York Times predicted the McCain plan would raise costs and force some employers to stop providing health benefits.
A recent survey of 187 corporate executives by the American Benefits Council and Miller & Chevalier, a consulting firm, found that three-fourths felt the repeal of the tax exclusion would have a “strong negative impact” on their workers. Only 4 percent said they would provide additional pay to fill any gaps.
John J. Castellani, president of the Business Roundtable, an association of leading chief executive officers, said his group instead supported extending the tax exclusion to those who bought coverage on their own.
“One of the things we don’t want to do,” Mr. Castellani said, “is jeopardize 170 million Americans who do get insurance through their employers.”
A number of business officials are worried that Mr. McCain’s tax credits would lure young and healthy workers into the individual market to take advantage of cheaper, less-generous policies. That, they say, would leave employers to cover an older and sicker pool of workers, forcing up premiums.
Workers who found that they had less buying power with the tax credits than with the tax exclusion could be expected to pressure employers to raise salaries or benefit subsidies, the business officials said...
For the full text of the article, click here.
Obama offers best way out of economic disarray
Monday, Oct. 06, 2008
From Hugh McColl Jr., former chairman and CEO of Bank of America:In 49 years of living in Charlotte, I've seldom offered my opinion in writing and never submitted a piece such as this. The condition of our country compels me.The economic disarray threatening our community and nation poses critical challenges but also presents opportunity. We can observe the presidential candidates in the crucible of crisis.Only one of them demonstrates the needed intellect, fortitude and temperament. That is why I have decided to publicly support Barack Obama.What is needed in Washington is sound judgment and exceptional leadership. Through the years that I've been a businessman and before that an officer in the Marine Corps, I saw what qualities make effective leaders. I see them in Obama: a sharp intellect, stiff spine and steady hand. Obama's economic plans will restore market confidence and provide a blueprint for a better future. His pragmatic, intelligent economic plan will stop our financial slide and restore the expansion and confidence we knew in the 1990s. Obama's tax relief plans for small businesses and the middle class should provide much-needed economic stimulus.Obama also has an energy plan that makes sense. He will shift energy use from foreign oil toward alternative, domestic sources. This will create millions of “green collar” jobs and enable us to capitalize on alternative energy. These cleaner energy solutions will protect the planet for our children and grandchildren and free us from depending on hostile nations.We could not have built Bank of America into the leader it has become without a highly educated workforce. Obama proposes to invest in education to ensure we remain the most productive and efficient in the world. We must take these steps to stay globally competitive.I greatly respect all that John McCain has done for our nation. But it is Barack Obama whom we need now.
From Hugh McColl Jr., former chairman and CEO of Bank of America:
In 49 years of living in Charlotte, I've seldom offered my opinion in writing and never submitted a piece such as this. The condition of our country compels me.
The economic disarray threatening our community and nation poses critical challenges but also presents opportunity. We can observe the presidential candidates in the crucible of crisis.
Only one of them demonstrates the needed intellect, fortitude and temperament. That is why I have decided to publicly support Barack Obama.
What is needed in Washington is sound judgment and exceptional leadership. Through the years that I've been a businessman and before that an officer in the Marine Corps, I saw what qualities make effective leaders. I see them in Obama: a sharp intellect, stiff spine and steady hand.
Obama's economic plans will restore market confidence and provide a blueprint for a better future. His pragmatic, intelligent economic plan will stop our financial slide and restore the expansion and confidence we knew in the 1990s. Obama's tax relief plans for small businesses and the middle class should provide much-needed economic stimulus.
Obama also has an energy plan that makes sense. He will shift energy use from foreign oil toward alternative, domestic sources. This will create millions of “green collar” jobs and enable us to capitalize on alternative energy. These cleaner energy solutions will protect the planet for our children and grandchildren and free us from depending on hostile nations.
We could not have built Bank of America into the leader it has become without a highly educated workforce. Obama proposes to invest in education to ensure we remain the most productive and efficient in the world. We must take these steps to stay globally competitive.
I greatly respect all that John McCain has done for our nation. But it is Barack Obama whom we need now.
The Main Street Diaries will profile small business owners and employees across the country who are supporting Barack Obama and Joe Biden. Featured small business supporters come from varied backgrounds and industries, with similarly varied reasons for supporting the Obama-Biden ticket this fall. However, they all agree on one thing -- that they know where the candidates stand on small business issues, and that they know that Barack is the candidate that stands with them.
Clark B. is a lifelong Republican from Wamego, Kansas. He is also the owner of Dymax, a small manufacturing business that employs 50 people. He proudly counts his son Scott among his employees. Their company manufactures specialty construction and mining machinery accesories, like snow plows, bulldozer blades, buckets and pallet forks.
Clark was one of over 7,000 small business supporters who responded in two days to our call for personal stories about why they believe Barack Obama should be the next President of the United States. When asked to describe why he's supporting a Democrat for the first time in his life, Clark responded that:
The various issues that I deal with on a daily basis - health insurance for my employees, taxes, sales, personnel issues, etc. - have convinced me that the current administration and the present leadership of the national and state Republican parties only care about REALLY big business.
Clark told us that last year, he had three employees with health care needs that will drastically increase his company's insurance rates. A dangerous pregnancy, open heart surgery, and a bout with leukemia were emergencies that Clark felt responsible to help his employees through despite the enormous cost to his business. He read Senator Obama's health care plan as well as his plan for small businesses and decided that this time, the Democratic candidate for president was the one for him, his employees, and their far-reaching health care needs. Reading about how the Obama plan will reimburse employer health plans for a portion of the catastrophic costs that cripple small businesses like his, he saw how an Obama administration could help his business in a very real way.
I believe that small business owners are better served when they ally themselves with the leaders who are there to better the working man, for each of us is a working man (or woman!) as well.
Last but not least, Clark told us that beyond Senator Obama's small business policies, he is voting for him because of his firm belief in his character, which shows
an even temperment, willingness to listen, and an understanding of where we're coming from.
Clark and his son are both active Obama supporters. They're looking forward to helping him get elected on November 4th and to four years of increasing prosperity for their business, their employees, and their families.
This is the first of a series of blog postings focusing on the differences between the candidates on small business issues. Today's post will compare the candidates on taxes -- an issue that often ranks first and foremost among concerns of small business owners and employees.
America's small business owners are accustomed to hard work and making tough decisions. Lately, managing a small business has been more difficult than ever. Against a backdrop of rising energy costs, unaffordable health insurance options, and a stagnant economy, small business owners are challenged in a very real way on a daily basis. When it comes to the presidential election this fall, small business owners are faced with a decision between Barack Obama and John McCain -- two candidates whose positions on small business issues could not be more different.
By contrast.....
In today's ever-challenging economy, small businesses are rightly anxious about how they're going to manage to stay afloat. Amidst a credit crunch and without the benefit of a bailout, America's 26 million small businesses will need, now more than ever, a leader with an unwavering commitment to their needs.
Barack Obama is this candidate. He will make it easier and cheaper for them to do business by lowering taxes, cutting health care and energy costs, improving access to capital and federal contracting opportunities and by investing in innovation and development.
Yesterday, Obama for America sent the following email to hundreds of thousands of small business supporters:
We're proud to announce a new way to get involved in this movement for change: Small Business for Barack Obama. In times of economic uncertainty, it's more important than ever that small businesses have everything they need to thrive. American small businesses will be a key part of our nation's economic recovery, and we are doing all we can to let their voices be heard. Sign up today to join Small Business for Obama. Across the nation, more than 25 million local entrepreneurs and employers are creating jobs and opportunities. Small businesses keep communities growing, foster innovations that change the world, and sustain the American promise generation after generation. But in the last eight years, Bush-McCain economic policies have driven up the costs of health care and energy, and given tax breaks to multinational corporations that ship jobs overseas. Barack Obama will cut taxes on American small businesses with a Small Business Health Tax Credit that stands to cut employee health care premium costs by half. He will eliminate all capital gains taxes for small and start-up firms, and offer a $500 "Making Work Pay" tax credit for employees. And Barack wants to make sure opportunities reach every community. He is committed to broadening access to capital and contracting opportunities for women- and minority-owned small businesses. John McCain's record on small business is clear. He voted against $11 billion in tax relief for small businesses, against tax credits that provide health insurance for employees, and against targeted cuts in the capital gains tax for small businesses. His economic plan would reward America's 200 largest corporations with almost $45 billion each year in tax cuts. And it would -- for the first time in history -- tax employee health premiums. It's time to bring change to Washington and invest in the small businesses that are the foundation of our economy. Sign up with Small Business for Obama today: http://my.barackobama.com/SmallBusiness As Barack said, "We measure the strength of our economy not by the number of billionaires we have or the profits of the Fortune 500, but by whether someone with a good idea can take a risk and start a new business, or whether the waitress who lives on tips can take a day off to look after a sick kid without losing her job -- an economy that honors the dignity of work." We need your support to grow this movement for change. Thanks, Obama for America
Over 300 business leaders in Colorado had the chance to hear from Barack Obama's top economic advisor, Austan Goolsbee, when he visited the state last week.
Goolsbee spoke to the group about what an Obama presidency would mean for their businesses in terms of tax cuts, health care, and job creation. He gave an overview of how an Obama presidency would gear economic policy "towards the squeeze on ordinary Americans" before opening up the floor for questions.
The video of Goolsbee's speech is available online, as is Obama's economic plan and his plan for small businesses.
In case you missed National Field Director Jon Carson's email the other night, he's urging supporters to host or attend a debate watch party for the first debate of the election this Friday at 9:00 p.m. Eastern time. If you're a small business owner, invite your employees and other local small business owners; if you're a small business employee, ask your boss for permission to stay overtime -- what employer could say no?! Or organize a friendly night with the local competition -- other grocers, restaurant owners, technology companies, etc -- to watch the debates and learn more about which candidate will be better for all of your small businesses.
Our easy online guide allows you to download everything you'll need for your Debate Watch party from start to finish, including sign-in sheets, customizable issue flyers, and videos of Barack's speeches on a range of issues if you and your guests are curious about learning more.
You can also use your Debate Watch Party to write letters to the editors of your local newspapers using our new online tool launched a few days ago. We're hoping that this letter-writing campaign will be a quick and easy way for our thousands of hardworking small business supporters to share their opinions and reactions to the debates with their community members.
From day one of this campaign, the small businesses that drive our economy have also been some of the major forces behind our movement for change. We're almost at the finish line now..... host a Debate Watch party and make sure that your voices continue to be heard.
Barack's commitment to small businesses has not been getting the attention it both needs and deserves -- and here's your chance to help.
Quite simply, Senator Obama is stronger than Senator McCain across the board when it comes to helping America's 26 million small businesses -- he'll cut or freeze taxes for 99% of them; he'll lower the health care and energy costs that cripple them; he'll restore a policy framework that allows for the entrepreneurship that has historically been so central to our economic leadership. Now more than ever, we need to shift public discussion towards small businesses and the central part they will play in getting our economy back on track.
Join us in a campaign to spread the word about Barack's plan for small business by writing a letter to the editor of your local newspaper. Simply enter your zip code and we'll provide you with a choice of press outlets and some sample talking points to get you started. Keep in mind that the strongest story is your own, and that by sharing your experience and viewpoints through the use of local examples and issues, you'll be able to make the best possible case to your readers.
The strength of our campaign has come from millions of individuals acting at the grassroots level to spread the word about why they're supporting Barack. Barack is good for business -- the Small Business Letter-Writing Campaign will help us reach out to America's small businesses to let them know why.
http://my.barackobama.com/smallbusinessletter
Taxes for small business were the topic of a lively discussion at the weekly Small Business for Obama Virginia state meeting last night. While some participants were (pleasantly) surprised, all were happy to find that they would be better off under Obama's Plan. Across the boards, small business owners will pay less taxes under Obama's tax plan than under McCain's. If you don't believe me just look at http://www.cbpp.org/8-29-08tax.pdf Or go to the IRS publication and look it up yourself. http://www.irs.gov/pub/irs-soi/03ib01ty.xls Only 300,000 of the 26 million small busineses in America have profits in excess of $250,000. Beyond being good for small business, the data shows clearly that the overall economy does significantly better under Democratic presidents than under Republicans.
To learn more, see www.presidentialdata.org. All of this data is from official government publications, and detailed information for each presidential administration is available. * Eight of the last nine recessions have been under Republican presidents
* Democratic presidents create twice as many jobs per year as Republican presidents.
* Republican presidents' deficits are three times higher than Democrats' and twice as high as a percent of GDP.
* The economy grows 41% faster under Democratic presidents.
* Businesses invest three times as much under Democratic presidents.
