Small business needs to keep an eye on the election to gauge economic policies going forward. And how the economic impact of COVID-19 will be handled by the president.
Small Business Trends contacted Shawn Dill, a small business consultant. He supplied his views on the 5 policies that were key to small businesses no matter who wins the presidency.
He started by tackling small business autonomy.
“Both candidates will impact small businesses in different ways,” Dill writes. “Basically, small businesses need to operate SAFELY within the guidelines of each state. Politicians should allow the people to decide if they feel like they want to visit a business.”
He says businesses need to educate the people on safety measures and adhere to social distancing and masks. And he says the upcoming president elect shouldn’t have the final say on what SMBs are considered essential.
“People are generally smart. They need to be given the ability to open up and stay alive,” he says. “The consumer should decide what they consider an essential business. They assume the risk to go to a specific place.”
Tax Reform Policies
“Both candidates are touting that the lower/middle class are being highly protected from tax reform,” Dill says.
However, he does mention some thresholds business owners need to pay attention to.
“For individuals that are making $400K+ a year, you may get taxed radically higher,” he says. “That could impact your ability to operate.”Source…