{"id":1047586,"date":"2024-09-04T19:57:23","date_gmt":"2024-09-04T23:57:23","guid":{"rendered":"https:\/\/democrats.org\/?p=1047586"},"modified":"2024-09-04T19:57:24","modified_gmt":"2024-09-04T23:57:24","slug":"harris-walz-small-business-plan-promises-a-new-way-forward-for-aanhpi-entrepreneurs","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/harris-walz-small-business-plan-promises-a-new-way-forward-for-aanhpi-entrepreneurs\/","title":{"rendered":"Harris-Walz Small Business Plan Promises a New Way Forward for AANHPI Entrepreneurs"},"content":{"rendered":"\n

DNC Deputy National Press Secretary Nina Raneses released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cVice President Harris\u2019 new small business plan will help ensure that every American has the chance to succeed \u2014 bolstering the small business boom our Asian American, Native Hawaiian, and Pacific Islander entrepreneurs are already experiencing under the Biden-Harris administration. By expanding tax relief for small businesses tenfold, cutting unnecessary red tape, and setting a goal of 25 million new business applications in her first term, Vice President Harris\u2019 small business plan would be monumental for AANHPI entrepreneurs. Our communities won\u2019t soon forget how Donald Trump\u2019s MAGAnomics agenda prioritized greedy corporate executives and the ultra-wealthy while leaving AANHPI businesses behind, especially during the pandemic when they needed the help most. Small businesses are the backbone of the American economy, and our AANHPI small business owners will continue to thrive thanks to the Harris-Walz small business plan.\u201d <\/p>\n\n\n\n

Vice President Harris is charting a new way forward for AANHPI entrepreneurs with a historic plan to support America\u2019s small businesses. <\/strong><\/p>\n\n\n\n

Jonathan Lemire, MSNBC<\/a>: \u201cKamala Harris is proposing a ten-fold increase in the small business tax deduction for startup costs, a new weapon in her arsenal as she vies with Donald Trump to show voters who can best assuage their anxieties about the economy\u201d<\/p>\n\n\n\n

Joey Garrison, USA Today<\/a>: \u201cKamala Harris’ push to jump-start small businesses: <\/p>\n\n\n\n

– expanding tax deduction for startup expenses from $5K to $50K<\/p>\n\n\n\n

– measures to cut “red tape” to start small businesses such as time to file taxes<\/p>\n\n\n\n

– goal of 25M new small biz applications in first term\u201d<\/p>\n\n\n\n

Jeff Stein, Washington Post<\/a>: \u201cNew – Kamala Harris is proposing a $50K tax deduction for startup expenses (10X increase to current deduction)<\/p>\n\n\n\n

New rollout includes:<\/p>\n\n\n\n

– Incentives to get local govs 2 cut red tape<\/p>\n\n\n\n

– Occupational licensing reform<\/p>\n\n\n\n

– CDFI expansion<\/p>\n\n\n\n

More econ policies coming\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cHarris targets small business tax break in contrast with Trump\u2019s corporate tax cuts\u201d<\/p>\n\n\n\n

New York Times<\/a>: \u201cHarris, Proposing a Tax Break, Makes a Play for Small-Business Owners\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cHarris to Expand Small Business Tax Relief to Boost Startups\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cKamala Harris to Propose Expansion of Small-Business Startup Tax Deduction\u201d<\/p>\n\n\n\n

Axios<\/a>: \u201cHarris readies aggressive tax boost for new small businesses\u201d<\/p>\n\n\n\n

Under the leadership of the Biden-Harris administration, AANHPI small businesses continue to thrive.<\/strong><\/p>\n\n\n\n

Chiling Tong, President and CEO of the National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship<\/a>: \u201cAAPI businesses have benefited from a stronger economy, with over 2.91 million AAPI owned businesses and counting, fueling job creation and economic growth in their communities.\u201d<\/strong><\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cPromoting Economic Opportunity for AA and NHPI Communities. By signing into law the historic American Rescue Plan, Bipartisan Infrastructure Law, Inflation Reduction Act, and CHIPS and Science Act implementing robust regulatory reform, the Biden-Harris Administration has led the most equitable economic recovery on record, creating more than 12 million jobs since coming to office and helping create new economic opportunities for all Americans, including AA and NHPI workers, small business owners, and entrepreneurs.\u201d<\/strong><\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cIn FY23, the U.S. Small Business Administration backed 7,500 loans to AAPI-owned businesses, which total to more than $6.4 billion. <\/strong>That means total loans are up 44% under the Biden-Harris Administration, and total loan dollars are up 36%.\u201d<\/p>\n\n\n\n

\u201cIn January 2023, WHIAANHPI \u2013 in collaboration with the Small Business Administration, the National Asian \/ Pacific Islander American Chamber of Commerce & Entrepreneurship, and federal, state, and local partners \u2013 launched a series of regional economic summits to connect AA and NHPI business owners, entrepreneurs, and community leaders directly with federal resources such as contracting and employment opportunities.\u201d<\/p>\n\n\n\n

Trump doesn\u2019t care about small businesses or the hardworking Americans who run them \u2014 he only cares about himself and his wealthy donor friends. <\/strong><\/p>\n\n\n\n

New York Times Opinion<\/a>: \u201cRepublicans argue that this [Trump and Republicans\u2019 tax plan] will benefit small businesses. In fact, a large majority of small-business owners already have personal tax rates below 25 percent. This provision would aid a small group of developers, investors and other tycoons who work in professions or industries where it is relatively easy to set up pass-through businesses. Like, yes, Mr. Trump and his family, who make their money from one such industry: real estate.\u201d<\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Vox<\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

\u201cIf many average Americans aren\u2019t noticing or loving the tax cut bill yet, it might be understandable \u2014 it benefits the wealthy by design. And a congressional report released this week shows that one specific new deduction for so-called \u2018pass-through\u2019 companies is heavily benefiting the rich. \u2026 The Republican tax bill cut the corporate tax rate to 21 percent from 35 percent and disproportionately benefits corporations and the wealthy.\u201d<\/p>\n\n\n\n

Trump wants to double down on his extreme MAGAnomics tax scam, threatening to line the pockets of the ultra-wealthy and big corporations while leaving AANHPI families behind. <\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cI will never let the Trump tax cuts \u2026 I will never let them be taken away.\u201d<\/p>\n\n\n\n

Trump<\/a>: \u201cYou\u2019re all people that have a lot of money \u2026 You\u2019re rich as hell \u2026We\u2019re gonna give you tax cuts.\u201d<\/p>\n\n\n\n

Trump<\/a>: \u201cWe will replace Biden\u2019s tax hikes with the beautiful Trump tax cuts. You know, we have to extend the tax cuts.\u201d<\/p>\n\n\n\n

Trump<\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I\u2019d do even more taxes.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe former president\u2019s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law. <\/strong>\u2026 Trump\u2019s advisers, though, have discussed proposals to make deeper cuts to the overall corporate tax rate, potentially to as low as 15 percent, or to use the revenue from the proposed tariffs to pay a dividend to U.S. households. Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201c[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.\u201d<\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald <\/strong>Trump <\/strong>Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report\u201d<\/p>\n\n\n\n

When hate crimes against Asian Americans increased during the pandemic, Trump amped up his racist rhetoric against Asian American communities \u2014 and he left business owners of color behind at the same time.<\/strong><\/p>\n\n\n\n

NPR<\/a>: \u201cBut a new report from the Small Business Administration’s inspector general found that businesses owned by people of color may not have received loans as intended under the Paycheck Protection Program. <\/strong>There was no evidence, the report said, that the SBA told lenders to prioritize business owners in \u2018underserved\u2019 markets, including business owners of color \u2014 something the CARES Act had specifically instructed the SBA to do.\u201d<\/p>\n\n\n\n

ABC News<\/a>: \u201cTrump’s \u2018Chinese Virus\u2019 tweet helped lead to rise in racist anti-Asian Twitter content: Study\u201d<\/p>\n\n\n\n

\u201cThe Asian American community has experienced a striking rise in incidents of hate since the onset of COVID-19, according to officials and advocates, and critics say the former president’s repeated use of \u2018China Virus\u2019 and other terms helped fuel an environment of hatred.\u201d<\/p>\n\n\n\n

\u201cResearchers also found that the timing of the former president’s tweet was significant. The first time he used \u2018ChineseVirus\u2019 was March 16, 2020, and the following week saw an increase in anti-Asian hashtags and a rise in hate crimes. <\/strong>\u201d<\/p>\n\n\n\n

New York Times<\/a>: \u201cTrump Defends Using \u2018Chinese Virus\u2019 Label, Ignoring Growing Criticism\u201d<\/p>\n\n\n\n

NBC News<\/a>: \u201cTrump can’t claim ‘Kung Flu’ doesn’t affect Asian Americans in this climate, experts say\u201d<\/p>\n\n\n\n

CNBC<\/a>: \u201c\u2018We were scared\u2019: Asian-owned small businesses devastated by double whammy of Covid and hate crime\u201d<\/strong><\/p>\n\n\n\n

PBS NewsHour<\/a>: \u201cAsian-owned businesses say they\u2019re reeling from hate and violence, operating in fear\u201d<\/p>\n\n\n\n

Boston College study<\/a>: \u201c\u2018Trump and conservative media had very thoroughly connected COVID to China specifically, so it was surprising to see a decrease in visits to other Asian restaurants as well,\u2019<\/strong> Krupenkin said. \u2018We tested this more thoroughly and found that many Americans misidentify other Asian restaurants as Chinese, which likely explains the spillover effects we saw.\u2019\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cAsian-American businesses suffer outsized pandemic toll\u201d<\/strong><\/p>\n\n\n\n

\u201cLanguage barriers and a dearth of banking relationships made it difficult for some business owners to access government aid, even as they coped with an added layer of fear amid a surge in hate crimes linked to racist rhetoric that blames Asians for the coronavirus.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

DNC Deputy National Press Secretary Nina Raneses released the following statement:  \u201cVice President Harris\u2019 new small business plan will help ensure that every American has the chance to succeed \u2014 bolstering the small business boom our Asian American, Native Hawaiian, and Pacific Islander entrepreneurs are already experiencing under the Biden-Harris administration. By expanding tax relief […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1047586","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nHarris-Walz Small Business Plan Promises a New Way Forward for AANHPI Entrepreneurs - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/harris-walz-small-business-plan-promises-a-new-way-forward-for-aanhpi-entrepreneurs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-04T23:57:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-04T23:57:24+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/harris-walz-small-business-plan-promises-a-new-way-forward-for-aanhpi-entrepreneurs\/\",\"url\":\"https:\/\/democrats.org\/news\/harris-walz-small-business-plan-promises-a-new-way-forward-for-aanhpi-entrepreneurs\/\",\"name\":\"Harris-Walz Small Business Plan Promises a New Way Forward for AANHPI Entrepreneurs - 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