With Less Than Three Weeks Until Election Day, Where Do Businesses Stand?
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Businesses large and small have historically leaned towards the Republicans for their business-friendly policies, but this election may be different. The New York Times reports that business owners are "decidedly lukewarm" about McCain's health insurance plan.
Under McCain's proposed plan, employer benefits would be taxed and the tax credits employers receive may be taken away entirely. He proposes both a $5,000 credit towards a family plan and deregulation allowing for purchases across state lines.
But, $5000 may not cover family health insurance, and deregulation may cause insurance companies to move to states that have more lax insurance laws. At the last presidential debate, Obama said of this plan, "So what one hand giveth, the other hand taketh away."
But how do businesses feel about Obama's plan?
They aren't exactly tripping over each other to sign up for health insurance mandates, even though Obama assures them this won't affect small business owners. And while Obama is quick to point out that McCain's plan would cost Medicare and Medicaid $1.3 trillion, he is very vague about where the $1.6 trillion will come from for his plan.
Overall health insurance reform is listed as the #3 concern amongst voters, but businesses are watching closely. Larger businesses are hoping to avoid being fined by Obama's mandates, and smaller businesses and groups are hoping they can still benefit from offering small business health insurance to their employees under the McCain plan.