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The re-election of President Obama could spell higher business taxes and more costly industry regulations related to issues such as guest and workplace safety.
But while Mitt Romney was generally regarded as more business-friendly, Romney’s harder line on immigration reform could hurt the immigrant labor force on which much of the hospitality industry depends. They further worried that the government spending cuts Romney favors would force companies with substantial government contracts to cut both hiring and investment, putting a further crimp on the economy.
And whichever candidate wins, if no compromise on deficit reduction can be reached, automatic cuts will kick in, slashing $607 billion…these would include an end to myriad tax cuts, including the payroll tax holiday and the expiration of federal unemployment benefits, hurting the overall travel economy.