Quite the question, right? But relax, I’m not here to get on a political soapbox and tell you who to vote for. Rather, I’m encouraging you to think about what’s important to you as a business owner and as an individual.
I’ve observed that Republicans typically tend to push for less regulation and encourage more business boosting initiatives than politicians in the Democratic Party. And the Democrats tend to push for initiatives that are in the interest of the middle class, the class that includes most small business owners. Of course, what candidates say they’re going to do and what actually happens don’t always match. Good intentions don’t always come to fruition because there are many obstacles that stand in the way of execution. Sometimes plans that sound too good to be true end up being just that after more research into their feasibility is done. And sometimes, sadly, candidates simply don’t follow through on their promises.
If you review each candidate’s website, you’ll see what their intentions are for small businesses. Below, I’ve listed what stands out to me:
Trump’s Pro Small Business Initiatives
- Putting a stop to overregulation that makes it difficult to start and run a business.
- Lowering the business tax rate from 35% to 15%.
- Renegotiating trade agreements so American companies have a fair shake when pursuing doing business with other American companies.
- Increasing the production of American energy onshore and offshore (which potentially—eventually—would cut energy and transportation costs for all Americans, including small businesses).
Clinton’s Pro Small Business Initiatives
- Stimulating small business lending by easing burdens for community banks and credit unions.
- Allowing entrepreneurs to defer student-loan payments with no interest while they start their businesses.
- Offering incentives to state and local governments to cut the red tape involved in starting a new business.
- Simplifying the tax filing process and creating a standard income tax deduction for small businesses.
- Cracking down on big businesses that don’t pay or late pay small businesses.
Devil Is In The Details
Clinton’s website goes into more detail about her proposals than does Trump’s, giving us some peace of mind that she has thought things through. But could her position on some other key hot button issues (like health care and raising the minimum wage) hurt small businesses in the long run. As for Trump, will what he proposes benefit the smallest of businesses or only large corporations?
According to the weekly reader poll, SmartPulse, in SmartBrief on Leadership, 69 percent of business leaders believe this year’s elections will either tremendously or moderately affect their businesses.
It’s clear the business community is tuned into and watching this presidential election closely.
Whether you’re starting a business or running an existing one, you should be, too. Think about what you want for the future of your business and your family—and vote on November 8 for the candidate you believe will work to fulfill your vision.