I became a small business owner about a year ago, and I own a retail/thrift consignment store. Most of my inventory comes from my local community. A lot of my friends, who have been business owners for years, are really excited about the new administration. I’m an independent voter myself. Business hasn’t been great this year, so I’m hoping there will be some benefits. But, I’m not sure what will change. Can anyone share how things were better under previous Republican administrations? Is it just about taxes, or are there other benefits too?
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I’m a bit hopeful, but I’m not expecting my life to change dramatically. Of course, there’s always some worry about how things will unfold, but the good part is we’ve got four years until the next presidential election. This is important because, unlike other countries, the election cycle in the US is unusually long. In my view, these elections make a lot of money for the political class, and they drag out for too long, making it feel like it’s more about the media and less about the people. Even though midterms are coming up in two years, I think election seasons hurt business no matter who’s in charge, so I’m just happy we’re done with it for now.
Hayden said:
@Hollis
The next election cycle will probably start in about a month…
Haha, you’re right. 24/7 news definitely has a negative effect on society. They’re so focused on clickbait content, and I think it has ruined real discussions. Honestly, when did the news become all about politics and weather? There’s got to be more going on in the world than just those two topics, right?
I’m very excited for the new administration! It’s going to be amazing for my small business.
Under the 2017 Tax Cuts and Jobs Act, any software engineering expenses must be spread out over 5-15 years. This means my software company ends up paying way more in taxes than we should, which really makes me feel patriotic when I take loans I can’t afford just to cover taxes.
The plan to repeal the ACA is another win for small businesses. Aspiring entrepreneurs won’t be able to leave their jobs and start a business since they won’t have access to healthcare anymore. Isn’t that just fantastic?
Also, with tariffs and deportation policies, inflation will go up. That’s great for small businesses because no one will be able to afford the stuff we sell anymore.
@Mal
My small business can’t afford health insurance BECAUSE of the ACA.
How is spreading software engineering expenses over 5-15 years making you pay more than 100% of your income in taxes? That doesn’t make sense.
@Han
It really doesn’t make sense! If you’re investing heavily in software development, you can’t treat it as an expense in the current year. You pay salaries and taxes like it’s profit, then spread out the expense over the next few years. If you’re not making enough profit, you borrow to pay those taxes. Essentially, you’re taking out a loan from the government, and it’s hurting R&D. This system keeps my small software company from hiring more programmers. It’s crazy, and it feels like it was set up to target Silicon Valley or something.
Usually, it’s a mix of tax breaks and deregulation—fewer rules and paperwork, especially around employee benefits and protections. In short, it becomes cheaper to run your business, and it’s easier to hire and fire people. That means you spend less time and money on hiring and benefits.
This time, if tariffs come in, you could benefit if you sell products made in the US but usually face cheaper competition from overseas. Your products might become more affordable, and you could raise your prices without losing customers. But that’s still a maybe.
@Quinn
Even if your product is made in the US, you probably still use imported parts. Tariffs are bad for the economy and just push inflation up.
Lake said:
@Quinn
Those kinds of regulations are usually state-level, not federal.
I guess that explains why they all sell fake tan and hairspray then.
Lower-income households will have even less money, so they may end up needing to buy more second-hand stuff.
No.