Vice President Kamala Harris will propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a tenfold increase over existing relief and her latest economic policy aimed at winning over middle-class Americans after jumping into the presidential race over a month ago.
You know what would really help small businesses, like a lot? Public health insurance (covering things like vision and dental). A huge part of the cost of doing business is benefits for employees. Well, with public health insurance that’s a huge budget item that suddenly small businesses don’t have to pay.
Want to make it better? Expand social security to be something you could live off of. Boom, now you as a small business owner don’t need benefits like 401ks. Your employees will be well taken care of by a government ran pension.
Want to go a step further? Expand public housing, public transport, and food security programs. Now all the sudden a business doesn’t need to pay top dollar because the cost of living for everyone has been significantly decreased. You can easily find low wage workers and hire crews of them because the added income for everyone is more of a bonus rather than a necessity.
What else could you do? Reduce the full time work week from 40 hours to 30 hours. For a small business, it means you can actually focus on having your employees doing useful work rather than having them hang around an extra 10 hours a week doing nothing. For the employees, now they have spare time on their hands which means more opportunities to interact with the community and small businesses.
By taking care of the basic needs of the population you give the population a lot of spare capital and time. All of which can stimulate the economy to new heights.
Nailed it.
Of course all of these things would be nice, but I just don’t think it’s an electable platform in 2024.
It’s not based in reality, but the “biden broke the ecomony” narrative has a lot of traction.
This type of policy would lose more votes than it would win.
Agreed. We should stick to the public healthcare first, and revisit others in 15-20 years.
I’m kind of surprised public healthcare hasn’t already been pitched in this way. Hell, that $50k should be a medicare credit.
Dam, you both sound right. And that’s some sad shit to realize.
We can both be right. My goal is showing how appealing government spending can be and is generally. The more people thinking this way, the more palatable “you know what, maybe we should have a 1000% tax on private jet and yacht fuel”.
Raising taxes on multimillionaires/billionaires should be a lot more popular than it currently is.
That’s because half the population actually believes they’ll be as rich as those high tax brackets (which will never happen).