While former President Donald Trump continues to tout his business acumen to claim he will oversee America’s new era of prosperity, the reality is that Vice President Kamala Harris has more control over the American economy. Voters’ sentiment is that there is a much better chance that the It’s warming up more and more. This is especially true when considering which candidate is a better fit for small businesses in the United States.
Mr. Harris’ plan for small businesses demonstrates a nuanced understanding of the challenges facing American entrepreneurs in today’s economic climate. Her proposals are not just empty promises or planning concepts, but concrete, actionable policies designed to foster entrepreneurship, promote innovation, and help small businesses across the country compete with large corporations. .
At the forefront of Ms. Harris’ small business strategy is her proposal to expand the tax credit for new small businesses tenfold from $5,000 to $50,000. This would be a game-changing policy for entrepreneurs, ensuring startups have enough financial cushion to get through their critical first year. This policy expands the class of entrepreneurs across the economic spectrum, as starting one’s own business is no longer limited to those with deep pockets or those who can afford large amounts of debt. I will do it. In other words, Harris will give more Americans the opportunity to stand up for themselves.
Ben Curtis/AP Images
Complementing this tax credit expansion is Harris’ innovative plan to launch a small business expansion fund. Through this initiative, financial institutions provide start-up funds to new small businesses by using federal funds to cover interest costs on loans as they navigate the often treacherous waters of the first year of business and get back on their feet. will be able to provide This policy also allows us to finance new businesses in underserved areas, especially rural America, where access to capital is often severely limited.
Ms. Harris’ regulatory approach also makes her a better candidate for small businesses, as she articulates a vision for shaping regulations that increasingly exempt small businesses from compliance obligations. There is. This nuanced approach recognizes that one-size-fits-all regulation often places a disproportionate burden on small businesses. Additionally, Harris recognizes that large companies inherently require greater accountability as their market power increases.
Harris has proposed a better tax plan for small businesses than Trump. Harris’ plan would improve the tax filing process for small businesses by allowing them to take the simple standard deduction, just as the overwhelming majority of Americans do when filing their personal income taxes. It’s about simplifying. This not only reduces accounting costs for small businesses, but also saves small business owners countless hours of time that can be spent on business.
On the important issue of immigration, Mr. Harris once again demonstrates an excellent understanding of the needs of small businesses. While President Trump’s restrictive policies threaten to eviscerate important segments of the workforce, Harris recognizes that small businesses rely on a diverse and strong workforce. Her approach to immigration reform would be similar to what would happen if the country implemented the highly restrictive immigration policies that President Trump is trying to implement, giving small businesses the access to the talent they need to grow and prosper without raising labor costs. The aim is to ensure access to.
Additionally, we should not overlook the fact that immigrants are often the most innovative entrepreneurs. In total, about half of Fortune 500 companies were founded by immigrants or their children, and they have greater net worth than most developed countries. Restricting immigration limits innovation and deprives our nation of the unparalleled productive energy that people who come here to pursue the American Dream bring.
Finally, perhaps one of the most underrated aspects of Harris’ appeal to the business world is her predictability. In contrast to Trump’s often erratic and impulsive decision-making, Harris provides the stability and consistency that businesses crave. This predictability allows for long-term planning and investment, which is an essential element of sustainable business growth.
Kamala Harris provides a vision that not only supports small businesses in the short term, but also lays the foundation for long-term success and innovation. Her comprehensive and forward-thinking approach to small business policy makes her an excellent candidate to foster an environment in which entrepreneurship can thrive. In other words, Harris is better suited for small businesses.
Nicholas Creel is an associate professor of business law at the University and State University of Georgia.
The views expressed in this article are the author’s own.
