Note: As a small business owner or operator, you may have a different vantage point on the upcoming election than other Americans. Over the next few weeks, we will explore the future of small business owners and employees in the U.S. based on the platforms of the two major party’s contenders for President of the United States.
Democratic Party Nominee Hillary Clinton understands that small businesses play a large role in the U.S. economy, with more than 28 million small businesses providing 55 percent of all jobs in the workforce. To this end, her campaign platform offers a plan to support local business operators and workers. Clinton hopes to “level the playing field” for these small businesses, making it easier for them to compete with big business.
If elected President, she hopes — with the support of Congress — she can:
Make Compliance Easier
Clinton hopes to make it easier to start a small business by making the regulatory process more straightforward, and reducing the necessary costs for training and compliance in certain industries. She plans to accomplish this by creating a “regulatory roadmap” for small businesses, and cutting red tape at the local, state and national level.
Simplify the Tax Process
Based on Clinton’s tax relief plan, small businesses will receive targeted tax relief, as well as an easier method of ensuring they comply with federal tax laws. Clinton believes this is important because small businesses with five or fewer employees spend on average $1,100 per employee each year on tax filing and compliance issues alone.
Invest in Infrastructure
Hillary Clinton hopes to help small businesses grow by supporting them in expanding to new markets. In order to make reaching new customers easier and less expensive, she believes we should invest in infrastructure such as roads, bridges, airports and ports. According to Clinton’s website, she believes that investing wisely in improving aging infrastructure would make it easier and quicker to ship goods and travel to new locations.
Give Small Businesses Recourse
Clinton hopes to empower small business owners, giving them recourse to fight against unscrupulous big businesses. Clinton’s plan would ensure these small businesses get paid, instead of taken advantage of.
Provide Training and Education
Hillary’s Democratic platform includes an influx in resources and support for small business owners and other entrepreneurs who want to provide mentoring programs and training to employees. This includes opportunities for:
- About 50,000 entrepreneurs in underserved communities
- A $1,500 apprenticeship tax credit for small businesses who provide on-the-job training for employees
- A $50 billion investment in youth employment and other groups who need special support when entering the workforce
Continue and Improve the Affordable Care Act
While not a part of her announced small business platform, Clinton has shown support of the Affordable Care Act. While this law primarily applies to only companies with 50 or more employees, expansion and improvements to this act could potentially change this limit.
In addition to these goals to help small businesses, Clinton has also voiced opinions that could negatively affect some business owners. These mostly include cracking down on the wrongful classification of employees as independent contractors, increasing profit-sharing, and several other initiative designed to support labor and workforce. You can learn more about these areas of Clinton’s platform in next week’s blog, What If? How a Clinton Presidency Would Affect Small Business Employees.