The next president of the United States will take the reins of a nation facing a long list of challenges – the economy, health care, infrastructure, energy sourcing, credit markets, illegal immigration, a strengthening Russia and the still-raging war on terrorism.
The two candidates, John McCain and Barack Obama, would take radically different approaches to many of these problems. As a business owner, you’ll want to pay close attention to the candidates’ views on matters affecting your firm. The outcome of the election will have a profound effect on the construction industry, your company and your personal financial situation in the years ahead.
One of the biggest influences on businesses and the economy in general will be tax policy. The massive tax cuts the Bush administration enacted in 2001 and 2003 are set to expire in 2010. While McCain would make nearly all those tax cuts permanent, Obama would redistribute them, providing more breaks for middle- and low-income households and increasing taxes for those in upper-income brackets. Of particular interest is the death tax, which I mentioned in last month’s column. Both candidates would reduce the rate and raise the exemption from pre-2001 levels (up to 55 percent for estates worth more than $1 million) but McCain would cut the tax much more than Obama. McCain also pledges to cut the top corporate income tax rate from 35 percent to 25 percent. Obama says he would consider trimming corporate taxes as part of a simplification of the tax code.
When it comes to highways and other infrastructure, Obama has a voting record of supporting funding legislation while McCain has voted against many infrastructure bills, primarily due to the “pork” and earmarks contained in the bills. Obama says he would make strengthening the U.S. transportation system a “top priority,” and would create a national infrastructure bank to fund large transportation and water projects. McCain wants to eliminate the pork and earmarks in favor of a system-based approach.
This is not the election to sit back and think that our vote doesn’t matter. I urge you to delve beyond the news sound bites and find out as much as you can about the candidates’ records and plans (the comparison chart listed below can get you started), then make your voice heard November 4. This industry is filled with action-oriented people – we need your input now more than ever.
| Issue | Barack Obama | John McCain |
| Immigration | Both supported Bush-backed comprehensive immigration reform legislation and want new guest worker program to alleviate worker shortage | |
| Issue | Barack Obama | John McCain |
| Taxes |
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| Issue | Barack Obama | John McCain |
| Infrastructure |
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| Issue | Barack Obama | John McCain |
| Labor |
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| Issue | Barack Obama | John McCain |
| Healthcare | Plan highlights:
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Plan highlights:
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| Issue | Barack Obama | John McCain |
| Energy |
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