The voters will decide between Donald Trump or Joe Biden on which they believe that he can steer us out of the depression caused by CoronoVirus.
Problems due to lockdown:
Due to lockdown, many small businesses have been stoped. It is also estimated that nearly 30 percent of restaurants will never open again because of huge losses during this lockdown era. Survey findings are half of the small business owners who are worried about how they avoid bankruptcy this summer because they will not have any other financial resources to meet these challenges.
Last two decades 61% of job opportunities had increased from small business, but at the November election and beyond we could see double-digit unemployment rates. We need those policies that will forst small business infrastructure as before.
The business owner accumulates capital just by saving and from investors or banks. Then the owner takes a risk. He takes risk depends on how it easy to collect capital and expected rates of return.
In the down economy, business startup and expansion owners require labor, energy, taxes and regulation, and the most important low-cost capital. While Biden Strategy or polices is to rise business start-ups. His program is so bad. Biden’s polices would jump us to deep depression.
Biden’s continuously said that he will undo tax reform of trump. But due to these policies, economic growth increases, and job opportunities increase six million by the start of 2020).
He plans that they raise income tax rates on higher-income tax to 39.6 from 36 percent. He would raise capital gains rates to somewhere between 28 and 35 percent – from 23.8 percent now – the largest single increase ever. On the corporate side, Biden is promising to raise corporate tax rates to 28 percent from 20 percent now. He would also double the tax on foreign income that had brought so much money home to America.
Biden’s defender says that he will only raise taxes on rich. But it’s true. In his plan, he raises Social security payroll which means a 15% tax added to a 39.5% income rate.
His plans also hit the energy or agriculture sector. And all the Sectors will become weaker. These plans will discourage startup business owners.
There is almost nothing in the Biden-Pelosi economic strategy that is pro-business or pro-growth. The Tax Foundation estimates a reduction in output under the Biden program – and that is putting it mildly.
There is nothing in the Biden program they will increase unemployment. The Tax Foundation estimates a reduction in Output that’s why Biden shouldn’t be president.