Are you one of the 28% of small businesses in America that represent over 55% of sales in this country? Then be proud to be among the elite. Today is a significant day for those in a position to excel or fail based on principles of economy and regulation – opportunity and luck. Across polls, support for Trump or Clinton is conflicted in small business communities – but one thing is consistent as of late – “Small business owners are really concerned about the economy, and only 1 in 5 feel they have recovered from the Great Recession,” says Karen Kerrigan, president and CEO of the Small Business and Entrepreneurship Council.
1 in 5! That’s a low point on our confidence scale. So what are the issues that will most closely affect small businesses and how can you best prepare yourselves to succeed with whatever the result of the election?
We LOVE how Inc.com has broken it down issue by issue. You can read their full article here and we have included their take as well for you below:
Taxes–Clinton vs. Trump
Clinton voted against eliminating capital gains taxes and the alternative minimum tax. She wants to end the carried interest loophole that has been a benefit to Wall Street. She’s also calling for doubling short-term capital gains tax rates to end the “tyranny of the short-term investor.” Overall, she says she wants tax reform that is friendlier to small businesses.
Trump’s personal income tax plan outlines four brackets instead of seven, and is calling for a corporate tax rate of 15%. He actively opposes corporate tax inversions, the practice of U.S. corporations moving their headquarters to lower tax rate countries.
Minimum Wage–Clinton vs. Trump
The elevation of minimum wage is a big issue with small business owners. Clinton believes the federal minimum wage should be increased to $12 and, in some cases, $15, at the state and local level.
During a debate, Trump stated he felt wages were too high and that helps to create America’s inability to compete on a global level. He also says, “I never said wages are too high, only that a minimum wage increase would make them too high.” Essentially, Trump currently opposes a hike in minimum wage.
Business Regulations–Clinton vs. Trump
Clinton continues to favor small business, and she plans to start a nationwide effort to cut red tape for small businesses at every level of government. Part of that includes the support of wage and financial regulations, along with equal pay mandates for employees and paid family leave.
In his book, The America We Deserve, Trump wrote, “Most of us think the American Dream is a birthright, but without constant care and vigilance, it can and will be whittled down to nothing. The threatening agent is not some foreign power, but people who don’t understand the proper relationship between the public and private arenas. In other words, the greatest threat to the American Dream is the idea that dreamers need close government scrutiny and control. Job one for us is to make sure the public sector does a limited job, and no more.” His position on that remains unchanged.
Trump believes the REINS Act, requiring an up or down vote on regulations with significant economic impact, is a major step toward getting our government under control.
Healthcare–Clinton vs. Trump
Healthcare and the Affordable Care Act are at the forefront of the minds of business owners who are concerned about the impact of rising healthcare costs for their employees.
Clinton has long defended the Affordable Care Act, also known as Obamacare, and actively seeks ways to build on it while slowing the current trend of growing out-of-pocket costs. She believes that affordable health care is a basic human right.
Trump aims to repeal the Affordable Care Act and supports health savings accounts along with a national marketplace geared toward driving competition among health insurance providers. As for universal health care, Trump has stated that he is a conservative on most issues but a liberal on this issue. Trump released a health care plan in March 2016 that rejected the concept of a mandate requiring Americans to buy health insurance.
Trade–Clinton vs Trump
Trump has loudly proclaimed his opposition to the Trans-Pacific Partnership (TPP) and feels that it only helps other countries, especially China, where he would like to see a 25% tariff on Chinese imports. He’s proposing a 15% tax for outsourcing jobs and a 20% tax for importing goods. His aim is to bring businesses and jobs back inside U.S. borders.
Clinton originally served as a driver of the TPP but has since changed her position and now opposes it.
Happy Election Day small business comrades – with everything at stake outlined above, which way are you leaning?