Survey Says: Trump first choice for President among small business owners
Entrepreneurship and small business need to be front and center during this election cycle. After all, Americans are concerned about their economic future, and entrepreneurs are critical to getting the economy back on a strong growth track. Now with Super Tuesday results giving Donald Trump and Hillary Clinton the lead, who would be the best for small businesses.
The nation’s 28 million small businesses represent 54 percent of all U.S. sales and have provided 55 percent of all jobs since the 1970s, according to the Small Business Administration. And these entrepreneurs plan on making their voices heard by voting. According to a recent Manta survey of more than 8,000 small business owners, a stunning 60 percent plan to vote in their state primaries and caucuses. Additionally, the survey found found Donald Trump was the number one choice for our country’s top Executive Office.
The economy, healthcare, tax reform, government regulations and immigration are critical issues for small businesses. So I culled together some information on the top two candidates to date so you can understand who would be best for your small business.
Health care. Secretary Clinton says she wants to be the small business President, but while her husband served in that role, Clinton led the effort for extensive government control of the health care system. At that time, in response to changes While her husband was president, Clinton led the effort for extensive government control of the health care system. At that time, in response to charges that small businesses could not afford her plan and jobs would be lost, she declared, “I can’t be responsible for every under-capitalized entrepreneur in America.” Currently she says she wants to keep build on what works in the Affordable Care Act. She acknowledges the need to lower health care costs and her website says “we need to demand lower drug costs.” If President, she will defend the act from appeal.
Mr. Trump is alling for the repeal of Obamacare and supports health savings accounts (HSAs) and a national marketplace that enables health insurance competition. According to a PBS.org report, Trump called Obamacare a catastrophe during remarks at the Iowa Freedom Summit in January.
It’s been five years since the passage of the AHCA which promised small business owners lower health care costs and more choices. None of that has happened. Instead, small business owners continue to see their health care costs increase. According to a National Small Business Association survey in 2014, “91 percent of small businesses reported increases in their health plan at their most recent renewal while 96 percent reported increased health insurance costs over the past five years.
TAXES AND TAX REFORM
Mr. Trump’s tax plan would lower individual rates, with a top rate of 25%. There would be four brackets (0%, 10%, 20% and 25%). Regardless of how a business is structured, it would pay no more than 15% in business taxes. The plan would eliminate the death tax, the AMT and the marriage penalty.
Increased taxes mean small businesses that are already struggling have less and less money to reinvest in business growth, hiring employees and developing new innovative products and services. The death tax often results in a business closing its doors or going deeply into debt to pay the taxes upon the founders death.
Secretary Clinton has provided limited details on her tax plan. She has noted that she wants to reform the tax code so the wealthy pay more, and reform capital gains to encourage investing for the long-term instead of short-term. In her campaign speeches and interviews she mentions tax simplicity, but once again with no detail. She has previously voted against the repeal of the death tax.
Government Regulations
Secretary Clinton’s positions seem to point to more government regulations of the workplace. For example, she supports paid family leave, equal pay mandates and an increased minimum wage. Furthermore, she supports President Obama’s proposal to raise the overtime requirements. Information on her website notes she is in favor of more support for unions and collective bargaining, earned sick days, fair work schedules and encouraging companies to share profits with their employees. (See blog post: Unions have disproportionate impact on policy hurting small business.)
On the other hand, Mr. Trump says federal regulation is out-of-control and he has endorsed specific proposals to bring accountability to the regulatory system. He has stated he would sign the Regulations from the Executive in Need of Scrutiny Act (REINS Act) into law. The REINS Act would make Congress vote up-or-down on every major rule-making finalized by a government agency. It was passed by the House on July 28.
IMMIGRATION
You probably remember the controversy over Mr. Trumps remarks about Mexico sending illegal immigrants to the U.S. basically referring to them as all criminals. A theme he later continued in his January speech to the Iowa Freedom Summit as reported by PBS.org. He believes the middle class is being destroyed by the influx of illegals. Although, he as admitted that in business he has hired undocumented workers because they are willing to do jobs American workers won’t apply for.
Secretary Clinton supports President Obama’s executive actions on immigration. However, she favors a more comprehensive fix long-term. An NBC News Report notes Mrs. Clinton as saying, “We are really missing out on economic opportunity because we haven’t been able to agree on comprehensive immigration reform… We are saying to all these other people who want the same dreams and the same aspiration and the same willingness to work hard just like our families did that, ‘No, we’re not going to … make it legal for you.’”
These are a few insights into the views of the two Presidential front-runners. I’ll be providing more information in the weeks to come. To protect your small business, stay informed and involved so you can choose the candidate which you believe will help you build your business success.
- to keep what is working in the ACA, lower costs and push drug prices lower……but no plan on how to accomplish that.
are Here is my review of where the candidates come down on important issues to small business. Only 1 in 5 small businesses believe they have recovered from the Recession.
CLINTON
* Limited details on her tax plan. She has noted that she wants to reform the tax code so the wealthy pay more. Reform capital gains to encourage investing for the long-term instead of short-term. Mentions tax simplicity with no detail. She has previously voted against the repeal of the death tax. (note –Often results in a family business going under.)
* Equal pay mandates
* Favors increase in the minimum wage to $12 an hour. And she supports Obama proposal to raise overtime regulations.
* Does not favor the Trans Pacific Partnership
* Supports Obama executive action on immigration.
* Speaks out against hyper-regulation and supports regulatory reform.
* Speaking in support of Mitt Romney he said, “Right now, government regulations cost us annually $1.75 trillion. They constitute a stealth tax that is larger than the amount the Internal Revenue Service collects every year from corporations and individuals combined. In just three years, Mr. Obama has added hugely to the annual regulatory bill. Mitt is going to pare that back and make sure every single regulation has benefits that outweigh costs and that they don’t kill U.S. jobs.”
* Trump said he would sign the “Regulations from the Executive in Need of Scrutiny Act” (REINS Act) into law. Trump responded to a survey on the REINS Act by American Commitment: “I will sign the REINS Act should it reach my desk as President and more importantly I will work hard to get it passed. The monstrosity that is the Federal Government with its pages and pages of rules and regulations has been a disaster for the American economy and job growth. The REINS Act is one major step toward getting our government under control.”
* Support of imminent domain does not sit well with small business.
* Supports Keystone Pipeline and U.S. production.
* Not in favor of free trade. Does not support the TPP and takes particular aim at China for flooding the U.S. with cheap goods.
* Not in favor of immigration and wants to build a wall to the south to keep criminals out. Open more up to European immigration. However has admitted to using undocumented workers in business for jobs American workers won’t apply for.