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Small businesses react to election outcome

The recent Democrat gains in the mid-term elections have been greeted by the business community both with optimism and concern. Many small businesses are hoping for the reversal of some tax breaks that proved to be rather ineffectual in relieving small companies, and hope that the concerns of small businesses will be heard by the Democrats ruling majority in the House of Representatives.

Dan Danner, the senior vice President for public policy with the National Federation of Independent Business reminded business owners that the issues that are important to them fall under no particular party line and are therefore likely to be considered by the new majority as well. And with an especially high voting turnout from the business community, many are optimistic that the Democrats will take up the mandate given to them.

On the wish list are many issues, amongst them the demand for fewer regulations, protection against the rising number of lawsuits, and tax reforms. Especially the popular estate tax is hoped to be made permanent. Another call is for the government to allow small businesses to deduct their meal and entertainment expenses fully as it is the main form of advertising for these companies. Other hopeful voices call for the expansion of loan programs tailored to the needs of small businesses that received cuts lately. But most of all, what businesses want is a climate of certainty and reliability. Time will tell if the Democrats will live up to the expectations.