NEW YORK - President Barack Obama's successful re-election to a second term is sinking in. No matter who small business owners voted for, the election takes away some of the uncertainty that small business owners have been carrying around. The question now is whether Mr. Obama can satisfy those who say he hasn't done enough to help them expand.
So now that Mr. Obama has won four more years, what can small business owners can expect from Mr. Obama on taxes, health care, the economy and regulation? The Associated Press interviewed small business experts and advocates to find out.
Taxes
No president has a complete say over how much anyone, including small business owners, will pay in taxes. Expect the divided Congress to battle over Mr. Obama's request to raise the top tax rate on many business owners to 39.6 percent during 2013. That's the highest personal tax rate, and it affects some small businesses because their owners report their business taxes on their personal returns. Republicans in the House, many who were aligned with Republican nominee Mitt Romney, will oppose that tax increase, and the result may be a stalemate.
But Mr. Obama has made a point of proposing tax cuts that will benefit many small companies. He's calling for the corporate tax rate to drop to 28 percent from its current 35 percent. Manufacturers would pay no more than 25 percent. He's also backing more liberal tax deductions for small businesses that invest in new equipment.
Health care
Mr. Obama's re-election means the health care overhaul will continue to be implemented, but small businesses still have to wait to find out how much it will eat into their profits.
Key provisions of the law go into effect in 2014, including the requirement that businesses with 50 or more employees provide affordable health insurance for their workers. What employers don't know yet is how much that insurance will cost. That won't be determined until states set up exchanges where individuals and companies can buy coverage.
Republican presidential candidate Mitt Romney promised to make changes to the law. Now that the overhaul has survived the re-election of Mr. Obama and a fight that advanced earlier this year to the U.S. Supreme Court, another big legal challenge is unlikely, says Risa Lavizzo-Mourey, president of the Robert Wood Johnson Foundation.
The economy
Mr. Obama may not be able to do much to get the economy growing much faster than it is now.
The federal deficit is part of the problem. Mr. Obama has to curtail spending - but federal government spending is equal to nearly a quarter of income produced by U.S. citizens. Cut government spending, including federal contracts, and small businesses lose revenue and may cut jobs. Many have put hiring plans on hold because of uncertainty about what's known as the fiscal cliff - the combination of severe budget cuts and the expiration of Bush administration tax cuts that takes effect with the new year.
But if the deficit isn't dealt with soon, taxes will have to rise in the coming years. That would leave small business owners with less money to invest in their companies.
Regulation
Look for Mr. Obama to continue a mixed record on regulation - creating more rules that small businesses will need to follow, but also being vigilant that regulations won't be too burdensome.
Small business owners who are unhappy with regulations created during Mr. Obama's first term are likely to find ways to get around them - particularly when it comes to health care. Some owners reluctant to buy health insurance for employees will make sure their companies don't have the equivalent of 50 full-time workers - the threshold at which they'd have to provide coverage under the health care law.
But owners will be happy with the Mr. Obama administration's regulations that are designed to help them - lending and counseling programs at the Small Business Administration will continue to be a priority.