Brooklyn's Progress
October/November 2008

BY ERIC HUEBSCHER AND BRAD KORN

We are at historical times in our city, state and country. With the collapse of Bear Sterns, Lehman Brothers and the federal bail-out of AIG still recent news, the full impact of the economic crisis has yet to be felt by the average small business owner. With the potential for another large banking implosion, the need to understand where our next president stands on small business is more important than ever before in our history. 

It is the small business owner that is the cornerstone of our economic engine. Small businesses are important for employment, and often grow larger. Without a comprehensive and fair program, we face the potential for further economic downturn.

This article is not meant to be partisan, but reflect what we believe each candidate has voiced regarding their position on small business. The highlights are as follows:

Senator Barack Obama

• Lowering of healthcare costs
  • Access to low-cost national health exchange
  • Reimbursement of catastrophic costs
  • Investment in quality improvement initiatives
• Zero capital gains and other tax relief for small business start ups
• Expand loan programs
• Support innovation and high-tech job creation
• Create national network of public/private business incubators
• Invest in women-owned businesses
• Increase minority access to capital
• Promote small business ownership in the communications industry
• Energy cost relief in light of recent natural disasters
• Support rural small business development
• Promote digital inclusion – high speed Internet access to all

Senator John McCain

• Lower energy costs
• Controlling healthcare costs
• Promote International trade
• Reduce corporate tax rate from 35% to 25%
• All first year deductions for technology investments
• Tax credits equal to research & development investment
• Allow families to keep business (i.e., reduction of estate tax)

The common thread between the two candidates appears to be focused on the lowering of healthcare costs, reduction in energy expense and providing sufficient tax relief to encourage investment in new businesses and technologies. 

Interestingly enough, these key economic markers are consistent with the issues raised in the Brooklyn Chamber of Commerce’s 2007 Annual Member Survey, resulting in key areas the Brooklyn Chamber lobbied for in Albany and Washington, D.C.

While neither candidate has been specific in regards to how their plans would be executed or brought to fruition, none of these issues are new to the business community. Only time will tell who ends up in charge and how his administration will proceed.

Authors Eric Huebscher is president and CEO of The I Doctor and Brad Korn is director of community affairs for Continuum Health. They are the co-chairs of the Brooklyn Chamber of Commerce’s Government Affairs Committee.