A Closer Look at the 2020 Presidential Candidates’ Positions

 

Why This Matters

As a nonpartisan organization, Envolve USA is committed to creating greater access to resources and to eradicating barriers for underrepresented entrepreneurs. In the lead up to this year’s election, we identified four issues that affect entrepreneurs and small business owners: tax reform, federal deregulation, labor laws, and rebuilding the small business economy post COVID-19. We partnered with IssueVoter to research and inform our community on the candidates’ stances on these topics using primarily the candidates’ statements on these issues.

Tax Reform

Democratic Presidential Candidate, Joe Biden: He plans to support small businesses through policies that include tax credits for low to moderate income (LMI) communities–expanding opportunities for more generous loans and more programs that benefit Black, Indigenous and People of Color (BIPOC) business owners. 

Republican Presidential Candidate, Donald Trump: Building upon policies his administration has already set forth through the Tax Cuts and Jobs Act, he will continue to lower tax rates and expand opportunity zones to track investments to low-income communities.

Rate

Joe Biden

Donald Trump

Deductions

Joe Biden

Donald Trump

Federal Deregulation

Biden: He plans to increase the federal minimum wage and expand protections for unions. Biden also plans to expand the Occupational & Safety Health Administration (OSHA) in order to better enforce health and safety standards for workplaces. Biden supports the ProAct–which bans employers from requiring their employees to agree to mandatory individual arbitration and forcing employees to relinquish their right to class-action lawsuits or collective litigation.

Trump: According to his campaign, the Trump administration has issued 67 deregulatory actions while only opposing 3 new regulatory acts and has also removed 25,000 pages of job-destroying regulations. The majority of Trump’s target deregulations have been within the environmental sector, rolling back nearly 100 policies designed to protect the environment. Some of the changes include wildlife protection, limiting greenhouse gas standards for passenger cars and trucks, and weakening limits on carbon, coal, and gas fire emissions.

Joe Biden

Donald Trump

Labor Laws and Employer Mandates

Biden: He plans to raise federal minimum wage to $15 and index median wage to the median hourly wage so that low-wage workers’ wages keep up with those of middle-income workers. Biden also advocates for increasing the overtime eligibility threshold to $913 per week (Trump’s administration has advocated for $679 per week). Biden also plans to strengthen unions, worker organizing, and collective bargaining.

Trump: He advocates for hands-off policies that reduce costs for some small-business owners. Trump also believes minimum wage should be handled at the state and local level. The Trump administration has expanded eligibility for over ten protections– increasing the eligibility threshold from about $23,000 to about $35,000 per year.

Minimum Wage & Overtime

Joe Biden

Donald Trump

Employee Healthcare

Joe Biden

Donald Trump

Rebuilding the Small Business Economy

Biden: He plans to expand public health measures by significantly expanding testing and contact tracing as well as expanding access to grants and loans for small businesses, while expediting the loan process for hard-hit businesses.

Trump: His approach continues to emphasize quickly re-opening businesses and developing a vaccine by the end of 2020. His campaign has stated that goals for his second term would be to create 1 million new small businesses and create 10 million new jobs in ten months.

COVID Recovery

Joe Biden

Donald Trump

Equity

Joe Biden

Donald Trump

This research has been powered by:

Through lssueVoter, you may connect with your Senators and Members of Congress on all the issues important to you.
Become a more informed voter ahead of the election and keep Congress accountable year-round at issuevoter.org.

Envolve Entrepreneurship is a nonpartisan organization without party affiliation, bias, or designation. We advocate for an equitable entrepreneurship ecosystem where all business owners can prosper and grow.