What Would A Biden Presidency Look Like For Small Businesses? | BusinessBru
Connect with us

Featured

What Would A Biden Presidency Look Like For Small Businesses?

Published

on

Trump’s recent impeachment has surely played with the masses’ minds on who could potentially take his place, and no stranger to the nominees is Democratic frontrunner and former Vice President Joe Biden.  In his recent debate, many considered him to be the current field’s best candidate to take President Trump’s position. With the myriad of possibilities, The Marks Group founder Gene Marks expressed his opinions on what the small business sector could expect if Biden ever supersedes the presidency.

ObamaCare Would Be Back

If the Trump administration brought about a six to eight percent surge on the nation’s health care costs, Biden’s would likely differ slightly. After unveiling a public health insurance plan that builds on ObamaCare and known as a strong supporter of the Affordable Care Act, a Biden presidency could trample Trump’s initiatives and health plans by largely depending on and expanding former ObamaCare rules, such as the individual mandate. Odds are, the approach would address health care challenges faced by small companies by potentially stabilizing health care costs or even provide affordable options for those seeking to veer from their company’s health plan in an attempt to minimize expenses.

Small Business Tax Hike.

Here’s the twist. Although Biden’s health care plans sound hopeful, it is evident that his spending plans are quite extravagant, more so his environmental and infrastructure initiatives. This could mean that as he works to effectuate these blueprints, higher taxes would be demanded. A known contender of Trump’s 2017 tax reform package, Biden’s tax plans are more directed on imposing higher tax rates on wealthier individuals and corporations. This means that if you belong to the highest earning tax brackets with your investments’ capital gains or your plans on selling your business, filing a C-corporation tax return would bring you less benefits tax-wise as your rates increase.

Employment Costs Will Rise

Biden’s support of a $15 hourly national minimum wage (that would dramatically increase pressure on all wages), mandated paid time offs, and labor plans that would strengthen unions’ negotiating power, eliminate workers’ non-compete agreements, and reboot the classification of employees as independent contractors (all while a multitude of small businesses depend on outside contractors for specific duties) would mean that a Biden administration would call for higher employment costs. Picture this: America’s low-unemployment economy with small employers shaking at larger competitors’ ability to generously compensate workers would negatively affect employment and labor costs for small businesses as wages hoist and time offs become charged.

China Trade Wars, Big Tech, & Wall Street Would Stagnate

Biden’s large inspiration from anticompetitive Big Tech giants; call for “new rules” and “new processes” on China; and his link to the Dodd-Frank Wall Street Reform and Consumer Protection Act infer quite a notion that Biden’s administration would largely ‘settle’ with the current’s activities rather than significantly improve those. For the record, his long relationship with credit card industries and the financial services sector could already hint a bias. For small companies, this would mean that their use of Big Tech could result to their abuse by this; the state of the financial services they receive would likely stay put; and whatever Trump’s trade deal with China would proceed.

Lastly, Biden Would Be An Entrepreneur’s Choice

As a seasoned politician himself, he favors the dropping of oppressive licensing regulations for certain specialized occupations and for immigration. Biden would also make investments in education and provide more funding for small businesses and entrepreneurs supported by local and regional organizations.

In summary, Biden’s big-budget presidency, like some other major Democratic candidates, could replace the current administration’s pro-business but controversial president. For small businesses, in short terms, this just means more expenditure to be imposed by a politician yet more welfare services, too.

Up Next

Amish Lessons: What Small Businesses Can Learn About Success

Don't Miss

11 Entrepreneurial Skills Small Business Owners Need To Master

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Amazon Alexa App’s Most Hilarious Responses

Published

on

The Amazon Alexa App is always ready to help, especially in the most boringly dreadful of days stuck in quarantine. It can add a little fun into your day with these funny questions, you can ask Alexa to get the most unexpected responses.

Open Air Horn

An air horn blasting from the speakers is one of the most annoying things to serve everyone living in your home. It is also quite funny if you’re thinking of pulling a random prank.

Funny Cat Facts

Whether you are a cat person or not, asking Alexa for amusing facts about your furry friends will certainly make your day. Otherwise, it just turns out to be a good 15-minutes of educating yourself on interesting things about cats.

Read Funny Haikus

You can also ask the Amazon Alexa App to read aloud funny haikus about the most random topics. It could range from short poems about the refrigerator to chicken nuggets—practically anything you could think of.

Blast Fart Sounds

It sounds quite immature, but what’s not amusing about fart sounds unexpectedly blasting from your home speakers? The best part is that Alexa gives a joke about farts before throwing in a fart noise. If it doesn’t make you laugh, it’s a reliable proof way to get the kids in the house in a great mood.

Ask Who’s the Worst Roommate

Tricky Alexa can choose the worst roommate based on a pre-made list. This feature can be enabled so you can poke fun of your roommates. The bonus is that this can quickly solve any of your debates about who’s the better roomie.

Open, My Friend, Gollum

Lord of the Rings fans would be thrilled about this fun trick. Gollum will give you a riddle you need to solve. Step it up a notch and make it a contest on whoever gets the most answers correctly.

Is It Happy Hour?

Get a laugh out of the Amazon Alexa App’s reply to the golden question: is it happy hour? Whatever hour of the day it is, she will definitely give you a hearty “Yes!”. You would be glad to know that Alexa supports your drinking decisions.

Ask RoastMaster for an Insult

If you ever find the need to fuel your comeback bank with some of the wittiest lines ever written, go ahead and ask Alexa. Not only will you roll on the floor laughing by yourself, but you can also use them on your social media pages or your friends!

Ask Shakespearean Insulter to Insult my Brother

What better way to drop a comeback than in a sophisticated, Shakesperean manner. Just ask Alexa, and she would gladly oblige, reading you the best and funniest Elizabethan-era insults you have ever heard. It will surely leave you and your family laughing.

Begin Pizza Toppings

Most days, we just don’t know what we want on our pizza, and that’s okay because Alexa has got you covered. You can ask her to suggest pizza toppings, and she will give you three non-conventional but ultimately fun add-ons to make your pizza extra interesting. 

Continue Reading

Business

How Traders are Capitalizing on Virtual Reality Goggles

Published

on

Bank trading is getting a tech twist. UBS is giving its London traders an opportunity to test out trading rooms by employing VR goggles from Microsoft.

Since the pandemic started, it goes without saying that corporations were not prepared, which in turn reduced the number of people reporting for work, and coming to banks. While the lockdowns have been lifted and some businesses are slowly opening, the risk of the COVID-19 cases spiking is not a threat to be taken likely, which is why banks like UBS have been looking into other ways to simulate a regular day in the bank.

Beatriz Martin, the chief executive of the UBS UK branch was the first to consider this idea and has suggested starting working groups to work on reimagining the trading floor and also set up screens on the trader’s desks alongside their coworkers to encourage collaboration. 

Some banks such as JPMorgan have attempted to bring their workers back to the office but have had to send some workers home after one of them tested positive for the coronavirus disease. 

Meanwhile, other banks such as Deutsche Bank have made returning to the office as voluntary to avoid the risk of spreading the virus around and that most workers can return to the office in the middle of 2021 when the virus has been contained. 

BlackRock’s chief executive Larry Fink does not expect 100% of the workers to return to the office with the current situation, which is why virtual reality tools would be helpful to aid productivity from the safety of their homes. 

How VR changes the system:

With COVID-19 as a threat, it’s only natural that people are warier about coming back to work in an office, which is why it’s convenient to incorporate virtual reality so that you can simulate a normal workday without risking your health, and the health of others. 

The good thing is that there are multiple companies that specialize in virtual reality, which means you have options to choose from, which works for you. Microsoft launched HoloLens in 2015, and while it was initially perceived to be a gaming device, with their headphones at a price of $3000 upwards, it has since been considered by companies to be a tool for communication.

The first bank to consider using HoloLens for their trading business was Citigroup, in 2016, they developed the Citi system which combined financial data with 3D holograms. While they were looking into making the graphics in a way where clients could interact with the data, Citigroup decided against using the headphones because they felt it was too limited in terms of battery life, display size, and processing function.

Banks are an essential business, and staying afloat is one of the most important things they should focus on when it comes to the pandemic, which is why implementing virtual reality is a good move to replicate trading rooms for bank traders and their current investor clients. 

Continue Reading

Business

12-Year-Old Named CEO for E-Commerce Business

Published

on

Most 12-year old kids are busy studying for school, playing videogames, or running around a basketball field. For 12-year old Ojas Batra from Agra, however, he is busy building an empire. At a young age of 12-years old, Batra decided to develop his own company.

e-commerce 2.jpeg

Getting to Know Ojas Batra

His business idea stemmed back in January 2020 when he noticed that there are a lot of young children who cannot afford quality education. His concept involves drop shipping or a streamlined retail business where sellers accept orders from clients but do not keep the sold goods in their stock. He developed his entrepreneurial mindset when he noticed that formal types of education, usually in a classroom setting, do not provide for the needed skills and toolsets that pupils need.

He decided to formally drop out of school to pursue his passion for business. He also chose to understand and learn new skills relevant to his company, such as content writing, game development, graphic design, marketing, and the like. With all of these new skills under his tool belt, he can make an impact not just on the business world, but also to the community. 

The Hive: E-Commerce Business Foundation

Batra served as an intern for several tech companies and business industries that served well for his financial acumen and entrepreneurial skills. He Founded the Hive Group, which is comprised of three successful companies:

  • Teen Hive is a company whose main objective is to increase a typical teenager’s wellness. Since adolescence is a delicate period brought about by many changes (physically and emotionally), Batra being a teenager himself, decided to provide much-needed support for teenagers. This support includes finding appropriate sources of education, support for mental health, career, and skill development.
  • Skill Hive offers low-cost short-term classes offered to anyone – from young kids to senior citizens! It provides a wide array of short-term courses that people can specialize in, in the future.
  • The third company, called the Talent Hive, is still a work in progress! Knowing how the first 2 companies boomed, we do not doubt that the Talent Hive will follow suit in becoming a huge success.

What’s Next?

With the success of the Hive Group, what’s next for our teen entrepreneur? Right now, Batra is currently publishing a book entitled “Teenage AF.” The book is a semi-anecdotal of Batra’s life. It also tackles critical societal issues, such as the erroneous parts of the current educational system. It also includes how to live a teenager’s life in a changing world, including having more profound thoughts about acquiring specific skillsets to help individuals find their passion and meaning for their lives. 

Indeed, Batra is an inspiration to many people – young and old alike. His work through the Hive Group of Companies is a testament that age is just a number. With passion, grit, and a purpose to help others, anything is possible.

Continue Reading
Advertisement

Facebook

Featured3 weeks ago

Amazon Alexa App’s Most Hilarious Responses

Business4 weeks ago

How Traders are Capitalizing on Virtual Reality Goggles

Business1 month ago

12-Year-Old Named CEO for E-Commerce Business

Featured3 months ago

Running The Family Business: How To Avoid A Sequel Fallacy

Featured3 months ago

What It Takes To Start A Business & Be A Successful Entrepreneur

Business2 months ago

How the Country’s Workers Are Faring against COVID-19

Categories

Trending

  • Featured3 months ago

    Running The Family Business: How To Avoid A Sequel Fallacy

  • Featured3 months ago

    What It Takes To Start A Business & Be A Successful Entrepreneur

  • Business2 months ago

    How the Country’s Workers Are Faring against COVID-19

  • Business2 months ago

    4 Simple Things You Can Do Right Now to Grow Your Business

  • Business2 months ago

    How the Crisis May Impact Small Businesses in the Long-Term

  • Business2 months ago

    Why This Guy Thinks He’ll Make Millions off Selling Shampoo

  • Business2 months ago

    The Startup Primer for Fresh College Graduates

  • Business2 months ago

    3 Entrepreneurs Share How They Turned Their Hobbies Into Successful Careers