(The Center Square) – As the election approaches, agents of presidential candidates continue to campaign in the battleground state of Arizona. The recently targeted voter group is small business owners.
On October 8, Minnesota Sen. Amy Klobuchar traveled to Phoenix to host a networking event with small business owners and the newly launched “Small Businesses for Harris Waltz.” We talked about policy. During the event, 50 Arizona small businesses showed their support for Vice President Kamala Harris and Governor Tim Walz.
“We’re excited about Vice President Harris’ vision for small businesses that will transform Arizona and America,” said Gabe Hagen, owner of Brick Road Coffee in Phoenix. “Mr. Trump’s record speaks for itself. During his first term, Mr. more jobs were lost and created new incentives for companies to send American jobs overseas.
Harris Walz’s campaign document, “A New Progress for the Middle Class,” outlines ways to provide economic aid to small businesses, citing Harris’ past record. While vice president, she founded the Economic Opportunity Coalition, which spent billions of taxpayer dollars to create opportunity in underserved communities. Additionally, it established a $12 billion fund to provide funding to small businesses.
Harris-Waltz’s future plan sets a goal of 25 million new business applications, expands the start-up expense deduction to $50,000, makes it easier for small businesses to pay taxes, and eliminates excessive occupational license requirements. That’s true.
According to the report, the government will establish a Small Business Expansion Fund to help financial institutions cover interest costs while small businesses are starting up, allocate one-third of federal contract funding to small businesses, and provide additional licenses. He says he intends to do this by eliminating the requirement. About small and medium-sized enterprises. It’s unclear how she would do this, since most business licensing requirements are at the state and local level.
But Brian Hughes, a senior adviser to former President Donald Trump’s campaign, said Joe Biden’s presidency is hurting America’s small businesses.
“Under the Biden-Harris economic calamity, small businesses are seeing revenue trends below pandemic-era lows, employee hiring plans are significantly reduced, and uncertainty about the economic outlook, including taxes, is surging. And it’s taking a hit,” Hughes said. “Protecting and making permanent the Small Business Tax Credit, which benefits approximately 26 million small businesses, is critical to growing our nation’s economy, protecting jobs, and aligning effective small business tax rates with corporate tax rates. It’s important.”
Hughes also noted that small businesses set an optimistic record in 2018 under President Trump, according to the NFIB report. Sentiment has since declined, with July marking the 32nd consecutive month below the 50-year average of 98.
“Historically high inflation remains the biggest challenge for owners as sales expectations plummet and cost pressures increase,” said Bill Dunkelberg, chief economist at NFIB. “Uncertainty continues to rise for small business owners as expectations about future business conditions worsen.”
Hughes said he believes small businesses are succeeding because of President Trump’s leadership on the Tax Cuts and Jobs Act and the creation of the soon-to-expire Small Business Tax Credit (199A).
“Allowing this credit to expire would destroy small businesses, which are responsible for creating two out of three new jobs, and in turn eliminate job opportunities for Americans,” Hughes said. .
But Jenny Poon, co-chair of Arizona Small Business for Harris Walz, said the policies Harris proposed would be more beneficial to Arizona’s small businesses.
“Vice President Harris is planning another step forward to expand tax breaks for people starting new small businesses,” Poon said. “It would have been life-changing for me, who was just starting out. I would have been able to start my own business much earlier than I could have, and this new proposition would not have come about otherwise. I know it will create small businesses and grow the local economy here in Arizona.”
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