Now that Republicans Control the Senate, What Does that Mean for Small Business?
Small business owners should expect some changes in the government in the coming months, as election results are in and Republicans now boast a majority in the formerly democratic controlled Senate. This news is good or bad, or neutral depending on the political leanings and policy ramifications it may have for business owners, and to say that they are a group with varied political allegiances is an understatement. However you feel about the change, here are three areas that are predicted to be effected by the shift in legislative power.
Healthcare. Obamacare, which some Republicans would love to repeal outright, if most likely immune to being repealed but not to being changed by the new Republican majority. According to the Standard Examiner’s coverage of the new Senate, the most controversial aspects of the law, including mandated company health plans and 30 hours a week defining full time worker status, are most likely among the first to be targeted for repeals and modification, though a bill for abandoning the program would get an immediate veto from the President which the Republican share of the Senate is not strong enough to overturn.
Immigration. ABC news states that comprehensive immigration reform is still likely to remain divided given that there are many differing opinions within the government. However, small businesses looking to hire low skill and unskilled workers are pushing for expanded visa programs. Given the pressure to cooperate put on both parties as they eye the 2016 Presidential Election, it may be that some bipartisan cooperation will be more likely as hopeful parties attempt to build resumes that resonate with voters.
Taxes. Tax reform could be on the menu should a Republican Senate and House work together now there is a majority in both branches of legislature. Despite this, an article on CNN Money relates that analysts rate the odds of an overhaul in the next few years as low. Despite this, the one tax code that has the highest likelihood of being changed is a tax on medical devices which was originally levied to provide funding for the ACA.
Whether you are for or against the change in control of the Senate, it remains to be seen whether or not sweeping changes will be possible given the firmly entrenched stances of both parties on major issues. Even so, small business owners would do well to follow the news in order to try and stay a few steps ahead of any reforms or bills that do get passed and put into law.
Photo Credit to Phil Roeder on Flickr