The 2020 election choices are stark in Donald Trump versus Joe Biden, and on issues of taxes and the economy deciding on a vote has rarely been harder for business owners.
"Most are making less than $400,000 a year and should not have a tax increase coming," Nitti said, but he added that there are obviously small businesses and owners that make over that level and they will experience a tax increase under a Biden presidency. Additional income and capital gains taxes, and payroll and Social Security taxes on taxpayers over $400,000, are an issue for entrepreneurs to consider.
Nitti said there will be ways for business owners to adjust their estates and limit the potential hit, but it does mean they need to sit down with estate planning experts and put in place a new plan to protect their assets. Doing nothing could ultimately mean taking a much bigger estate tax hit. According to the NFIB, about half of business owners anticipate needing additional financial help in the next 12 months. What is more frustrating for Main Street is that "it's never been the small business elements holding back a deal," he said. "We're recovering from near record lows in small business confidence over the summer and that's good, but the uncertainty elements of that also continue to be high.
"Tax policy is always important to small business and that will check the box for Trump. ... But we have this weird dichotomy. They trust a Trump presidency will allow them to open the doors, but don't feel confident a Trump presidency will take care of the pandemic in a way that keeps friends and family and customers safe."
But Miller — who as an outdoor enthusiast has problems with Trump's environmental record and as an owner recently began offering health insurance to all of his 18 employees even though it was costly because he believes health care is a basic right — is voting for Biden. The pandemic has added to his vote against Trump based on uncertainty. "If I look at the short term, we won't have as many mandates under Trump as Biden for opening and closing, but long-term, if this virus is not under control, we will keep having the same problems," Miller said. "If the pandemic is not under control, it will hurt all of us long term."
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