Small Business And Government Regulations
Democratic views on small business revolve around the theory that, while government cannot guarantee the success of a small business, it can implement the conditions that support hiring of new workers through providing tax relief and increasing the availability of Small Business Administration resources.
During the Obama administration, President Obama cut taxes for small businesses no less than eighteen times. Also at President Obamas direction, the Small Business Administration administered more than 70,000 loans for businesses, offering those businesses with the much needed capital to invest and grow.
The American Recovery and Reinvestment Act that was signed into law by President Obama states that business that hire previously unemployed workers are eligible for tax cuts and can write off the purchase of new equipment. Most of the small businesses are eligible under the Affordable Care Act for tax credits to offset the insurance costs for their employees. Democrats are fighting to defend the progress made and ensure that the new president Donald Trump cannot disrespect the American small businesses.
Virginia Republicans Have Been Warning Democratic Control Was Bad For Business Cnbc Disagrees
By: Graham Moomaw and Ned Oliver– July 13, 2021 6:33 pm
The sun rises over the Virginia Capitol.
After Democrats took control of the General Assembly in 2020, a common refrain emerged among Republicans who opposed legislation that raised the minimum wage and added new anti-discrimination protections for employees.
The Democrat majority has done much to diminish Virginias reputation for being Americas best state for business, said Senate Minority Leader Tommy Norment, R-James City, as Democrats first legislative session in power in more than two decades came to a close, invoking a ranking bestowed annually by the cable news network CNBC.
Two years later, it looks like at least some of those Democratic priorities actually helped the states business reputation.
For the second time in a row, Virginia was named the best state for business , which this year began factoring things like anti-discrimination laws and voting rights protections into its rankings under the heading of inclusivity.
Our economy in the Commonwealth of Virginia is roaring, Gov. Ralph Northam said during a victory-lap news conference in Norfolk on Tuesday. Its why companies of all sizes are choosing to call our commonwealth home. Virginia is proving that when you treat people right, its good for everyone and its also good for business.
Youngkins campaign downplayed the CNBC ranking Tuesday, arguing the state is underperforming in key metrics like cost of living and cost of doing business.
Committee Republicans Send Letter To Biden Pelosi Slamming Democrats’ Tax Hike Proposals On Small Businesses
WASHINGTON, D.C. Today, all House Small Business Committee Republicans – led by Ranking Member Luetkemeyer – sent a letter to President Biden and Speaker Pelosi highlighting the negative impacts the Democrats’ tax hike proposals would have on small businesses. As Democrats prepare to take historic steps to recklessly push forward trillions of dollars in spending paid for by small businesses across the country, Committee Republicans are standing up for Main Street USA. Small businesses are focused on recovering from the economic effects of the…
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Small Business And Taxes
Trump has supported significant cut on the income tax on all companies to 15 percent. Business groups also want to see partners, sole proprietors and corporate shareholders whose business income is reported on their personal returns benefit from these changes.
While the party has gotten a great deal of pushback because these policies would benefit big business, what many fail to realize is how essential these policies are to the survival of small businesses.
Staying Afloat During Covid
Brianna Knight, a 31-year-old Fresno resident with clients across the state, was one of the fortunate ones. Her holistic skincare business has done well during the pandemic.
The state grants helped, but so did her overplanning six months ahead at some points. Before the pandemic, Knight also launched a clinical skincare line, enabling her to package at-home facial kits for her clients once COVID-19 hit.;
Despite staying afloat, Knight said she is undecided how she will vote on the recall. She said she needs to research the candidates more, and wants to see how the next phase of the pandemic goes.
I definitely think that we need new leadership, but I dont know if right now is the time, she said. And I only say that because right now California is in the purple and we do foresee a possible shutdown again. So transitioning leadership right now sometimes it gets worse.;
Knight said she wantsnew leadership because of the way the pandemic was handled, including shutting down businesses that state leaders deemed non-essential.
I do corrective skincare, so acne, so even in a pandemic, those clients are still dealing with an issue, she said. I think that what they considered wasnt as important was important to a lot of people, and we werent recognized.
I definitely think that we need new leadership, but I dont know if right now is the time.
Brianna Knight, business owner from fresno
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History Of The Republican Party
The Republican Party came into existence just prior to the Civil War due to their long-time stance in favor of abolition of slavery. They were a small third-party who nominated John C. Freemont for President in 1856. In 1860 they became an established political party when their nominee Abraham Lincoln was elected as President of the United States. Lincolns Presidency throughout the war, including his policies to end slavery for good helped solidify the Republican Party as a major force in American politics. The elephant was chosen as their symbol in 1874 based on a cartoon in Harpers Weekly that depicted the new party as an elephant.
Regulating The Economy Democratic Style
The Democratic Party is generally considered more willing to intervene in the economy, subscribing to the belief that government power is needed to regulate businesses that ignore social interests in the pursuit of earning a return for shareholders. This intervention can come in the form of regulation or taxation to support social programs. Opponents often describe the Democratic approach to governing as “tax and spend.”
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Left Wing And Right Wing Politics
Politics is said to be split in half and you either have left or right political views. Left-wing politics is typically associated with progressive ideas and equality. Democrats are viewed as left-wingers. Right-wing politics values tradition, equity, and survival of the fittest. Republicans are viewed as right-wingers.;
Left-Wing
Left-wing beliefs are liberal in that they believe society is best served with an expanded role of the government. Examples of an expanded role for the government include entitlement programs such as social security and Medicare, Medicaid, universal healthcare, food stamps, free public education, unemployment benefits, strong environmental laws, and other regulations on industries.
Right Wing
Right-wingers believe that the best outcome for society is achieved when individual rights and civil liberties are paramount and the role and especially the power of the government is minimized. Right-wing ideology would favor market-based solutions to the issues that these government programs aim to tackle. For example, encouraging a freer marketplace for healthcare, driven by consumer choice to drive down costs. Or privately held retirement accounts like 401 plans instead of government-guaranteed Social Security.
Study: Republicans Are 24 Percent More Likely Than Democrats To Be Business Owners
According to the Small Business Administration, there are about 28 million small business owners in this country and approximately 22 million of them are self-employed or non-employer firms. The rest of these small firms are employing more than 120 million people. Thats a pretty big voting bloc of small business owners and their employees.
Thats probably good news for Republicans.
According to;a survey;recently released by data research firm Infogroup, most small business owners vote Republican.
The company merged voter registration data from critical swing states with its proprietary database to come up with a combined pool of 5;million businesses and consumers that were asked questions about their party affiliation and other topics.
Of those surveyed, 24 percent of business owners were more likely to be Republican than Democrat. Republicans are way more likely to be presidents, vice-presidents and finance executives than Democrats and the hot industries for Republicans appear to be real estate, financial services and wholesale trade.
The study also found that Republicans tend to have stronger financial indicators than Democrats, such as higher household income, home value, net worth and likelihood to invest. They are also much more likely than Democrats to have a home office, purchase small business insurance, fly more frequently and invest more often in real estate.
For someone in marketing, sure. But what if youre a presidential candidate?
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Politics And Small Business
“The immediate shift in forward-looking sentiment that small business owners reported following the election reveals how deeply politics has become embedded in the public’s assessment of the economy, and in particular how divided the country is,” said Laura Wronski, research science manager at SurveyMonkey. “We’ve seen evidence of that every quarter, with Republican small business owners consistently reporting a higher degree of confidence than Democrats, but the election of Joe Biden is the first opportunity we’ve had to see whether that would flip if presidential power changed parties and it did dramatically.”
Among Republican respondents, the small business confidence index score fell from 57 in the third quarter to 42; among Democrats, confidence jumped from 46 to 58. The lowest previous confidence reading from Republican business owners was in Q2 2020, at 54.
We’ve seen evidence of that every quarter, with Republican small business owners consistently reporting a higher degree of confidence than Democrats, but the election of Joe Biden is the first opportunity we’ve had to see whether that would flip if presidential power changed parties and it did dramatically.Laura Wronski, SurveyMonkey research science manager
Histories Of The Parties
The Democratic party started in 1828 as anti-federalist sentiments began to form. The Republican party formed a few decades later, in 1854, with the formation of the party to stopping slavery, which they viewed to be unconstitutional.
The difference between a democrat and a republican has changed many, many times throughout history. Democrats used to be considered more conservative, while the republican party fought for more progressive ideas. These ideals have switched over time.
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How Republicans And Democrats Compare As Small Business Owners
COSTA MESA, Calif.A new analysis shows that Republicans make up the largest percentage of U.S. small business owners, and that they have the highest average business loan balances and lowest delinquency rates.
With the presidential election less than a year away, Experian looked at the financial and demographic characteristics of small business owners by political affiliation. The report found that approximately 35% of all small business owners identify as Republican, while 29.4% identify as Democrat and 15.8% identify as Independent.
Small businesses are a major area of interest for a number of political campaigns and justifiably so, given their positive impact on employment rates and importance to local economies, said Pete Bolin, director of consulting and analytics for Experian business information services. Gaining insight into the characteristics of specific segments of the small business owner population enables government officials, lenders and business professionals to better understand them and take appropriate action to help these small firms grow.
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Crisis On Top Of Crisis
Thousands of small business owners across California are still trying to survive a pandemic now in its fourth surge. Even with the reopening, some restaurants and other service establishments are having trouble hiring workers or are having to pay more and offer perks.;
Then, there are businesses that also have to deal with wildfires and drought.
Data from San Francisco-based software company Womply showed that the deadly 2018 Camp Fire resulted in 13% of local businesses near the fire shutting down permanently, while in 2019, 6.6% of businesses closed after the Kincade Fire in Sonoma County.;
In 2020, California experienced its most destructive fire season in history, with 4.2 million acres burned. In 2021 so far, it isnt much better. The still-burning Dixie Fire is already the second largest in state history, having blackened more than 600,000 acres in Butte, Plumas, Lassen and Tehama counties.;;;;;
Meanwhile, California is in the grip of its worst drought since 2015. This week, Newsom raised the prospect of mandatory water conservation statewide.
John Kabateck, California director of the National Federation of Independent Businesses, said;opinions on the recall vary among its members, but many are too busy dealing with bigger concerns. Among them: finding qualified employees, meeting payroll and readying for a huge spike in their unemployment insurance taxes.
So hes willing to give Newsom the benefit of the doubt.
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Obamacares Impact On Small Business
Opponents of the Affordable Care Act argue that the ACA has forced small business owners to pay a lot of money they dont have, that the rising cost of medical insurance and the associated fees has forced companies to lay off workers or to halt expansion plans, and that the tax incentives offered to small businesses isnt guaranteed and its too complicated.
Proponents of the ACA argue that the tax incentives are a great help, and assist them in the added costs of the health insurance premiums. They state that the majority of the expense falls with big businesses, not small businesses. They also argue that many small businesses will fall into the category of under 50 employees, and therefore will not be impacted by the act anyways, aside from the supposed lowering of healthcare costs that it offers.
What Is At Stake For Small Businesses In The 2020 Election
This combination of pictures created on October 22, 2020 shows US President Donald Trump … and Democratic Presidential candidate and former US Vice President Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on October 22, 2020.
Tomorrow, voting concludes in one of the most contentious elections of our lives, but its just another chapter in the wild story that has been 2020. Weve had a pandemic, heightened racial tensions and a faltering economy.;A client told me last week that he feels like the world around him is on fire. And with Covid-19 infections coming back with a vengeance, stimulus talks at a standstill and an unpredictable election, things are set to only get more tumultuous.
You may be election-exhausted by now. You may be one of the 92 million Americans who have already voted.;But no matter who wins on Tuesday , its important ;to understand whats at stake for small business owners tomorrow and in weeks and months to come.
More Stimulus
But now, as CARES impact fades, we are still far from full recovery. The recent rise in coronavirus cases, new lockdown orders looming, 12.6 million workers on unemployment and eight million American pushed into poverty all jeopardize continued recovery in the fourth quarter. ;;
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Clinton Vs Trump: Who’s Better For Your Small Business
AP 1-/10/2016
At 7 a.m. local time on Nov. 8, 2016, polls will open for the 58th quadrennial U.S. presidential election to determine the 45th president. Regardless of your political party or if youre voting for Clinton or Trump, its one of the most important elections in the countrys history.
Thefirst of four presidential debates took place on Sept. 26, and both candidates expressed that this election is about getting the economy working for average Americans again and that means small business owners. According to the Small Business Administration , small businesses provide 55 percent of all jobs and 66 percent of all net jobs since the 1970s. The problem is that recent data from the National Federation of Independent Business found that political uncertainty is at an all-time high because neither candidate is speaking in detail to issues that small business owners care about.
This post will take a look at what Clinton and Trump have said about small businesses, whether their proposed plans help or hurt and what they could do differently. The best way to remedy political uncertainty is to know what the candidates stand for and what proposed policies and beliefs mean in the long run.
Hillary Clinton Wants to Be theSmall Business President
Sounds Great, But is it Too Good to be True?
Where Does Trump Stand With Small Businesses?
His Real Stance Is Still Up For Debate
Have a Voice and Vote
Democrats Raise Red Flags On Gop Small Business Plan As Biden Weighs In
When it comes to some of the broad strokes in the small business plan, Republicans and Democrats appear to be close to agreement.
07/28/2020 04:56 PM EDT
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Democrats are gearing up to push for changes to a small business aid plan pitched by Republicans as part of the latest economic relief package, as former Vice President Joe Biden called for major new investments in firms owned by people of color.
While the small business rescue plan released by Senate Republicans Monday included bipartisan priorities including a second round of forgivable government loans Democrats are targeting what they say are key omissions.
Among them, according to sources familiar with the matter, is the absence of new funding for the Small Business Administration’s Economic Injury Disaster Loan program, which offers direct aid to employers. Democrats also say there is insufficient support for Community Development Financial Institutions and Minority Depository Institutions, which focus lending on populations lacking access to traditional banks.
Democrats may also try to bar executive branch officials and members of Congress from obtaining government-backed business loans. The bill proposed by Republicans only requires the officials to disclose their status when applying.
CORONAVIRUS: WHAT YOU NEED TO KNOW
President Donald Trump and Melania Trump have tested positive for Covid-19.
The latest news in employment, labor and immigration politics and policy.
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