With the 2020 presidential election nearing, find out which candidate offers the best agenda for new business owners. Both Biden supporters and Trump supporters believe this will be a transformative election for the United States. The two candidates have vastly different views on everything from healthcare to taxes. Regardless of your final determination, you should vote in this election.
This article is for small business owners who are seeking to understand which presidential candidate has the right platform for new businesses.
As we inch closer to the Nov. 3 general election, hopeful entrepreneurs looking to join the other 32 million small businesses in the U.S. know by now how important this election will be. With a decision looming between Republican incumbent President Donald Trump and Democratic nominee and former Vice President Joe Biden, each vote could have major implications for your new venture. So, before you step into the voting booth or mail in your ballot, it’s important to be clear on both candidates’ positions on issues that affect small businesses and entrepreneurs.
Starting a new business can be a daunting task under normal circumstances, but 2020 has been anything but “normal” due to a mixture of catastrophic events, racial unrest and a global pandemic that has killed more than 215,000 Americans. With additional stimulus measures proving unlikely and continued (albeit gradually lifting) restrictions on how businesses operate, small businesses have had a rough go of it.
Looking ahead to the next four years, fledgling small businesses and established ventures alike are paying attention to some key issues that could mean the difference between keeping the lights on and shutting down for good.
After months of social distancing restrictions (and, in some cases, mandated closures), it may be hard to remember how 2020 began. Before the coronavirus reached U.S. shores, the economy was on a resurgence of sorts, bolstered in part by the Tax Cuts and Jobs Act of 2017. That legislation, along with continued Obama-era economic trends, boosted the confidence of consumers and investors. However, once COVID-19 started affecting thousands (and, later, millions) of Americans, some state governments ordered many businesses to shut down, resulting in unprecedented unemployment numbers and the sudden cratering of any economic gains earned since 2008.
As entrepreneurs and small business owners consider their vote, many look back to past stimulus efforts by the federal government, including the Payment Protection Program and stimulus checks that resulted from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Though negotiations for another stimulus package have been sidelined by political jockeying, millions throughout the country support the idea of buoying individuals and businesses with federal money. Regardless of what lawmakers end up supporting, small business owners of all stripes know some assistance is desperately needed.
History typically shows that the Republican Party wants to cut taxes in every form, while Democrats often have plans to increase taxes to cover government spending in other places and programs. While the Trump administration can claim victory in this area with the passage of the Tax Cuts and Jobs Act, many have seen this key piece of legislation as a giveaway for the wealthy that left the working class and small businesses with little to show for it. As an entrepreneur, your taxes will have a major effect on your take-home pay.
Federal policy directly affects the healthcare benefits you offer your employees. For a decade, the U.S. healthcare system has operated under reforms enacted in the Affordable Care Act (ACA). While it has provided millions with the chance to obtain reasonably priced healthcare, the ACA has created its own set of problems, leaving many lawmakers wondering what changes need to be made, with potential solutions typically falling along party lines. As a new or potential small business owner, you should pay close attention to the coming election, since offering good benefits is a great way to attract and keep good employees.
Key takeaway: There are many issues that affect entrepreneurs and small businesses, but the economy, taxes and healthcare are often top of mind.