Subscribe to Entrepreneur for $5
Subscribe

What You Need to Know About Joe Biden's Federal Tax Plan Before November 3

CPA and attorney Mark Kohler explains how Biden's plan will affect small businesses.

By
Opinions expressed by Entrepreneur contributors are their own.

In this video, CPA and attorney Mark Kohler breaks down the stated goals for Vice President Joe Biden’s tax plan, should he be elected on November 3. While explaining that he does not wish to sway anyone’s vote or argue over the politics, Kohler says he only wants to inform the audience about what he considers both the good and the bad of Joe Biden’s tax plan, from a small-business owner’s perspective.

To start with the negative impact, Kohler notes there is plenty to criticize in Biden's plan, which includes an increase for the top-level tax rate (for those earning more than $400,000). He also thinks it's likely that many of the small-business strategies introduced in the Jobs Act would likely expire in 2023 under a Joe Biden presidency.

On the positive side, there is a small business fund, somewhere around $60 billion, for entrepreneurs with 20 or fewer employees. In Kohler’s view, this fund is something of an extension of the PPP, or payroll protection program, that was enacted earlier this year to help ensure companies could keep their employees and deliver paychecks to them. 

Biden says he wants to reduce burdensome rules on state regulations and state licensing. However, Kohler notes that since these are state laws, even the president may have limited power to change them. Kohler also says that Biden has not been specific about how he could pull this off.

Related: How Joe Biden's Tax Plan Could Affect Small-Business Owners

Next, Biden is focused on immigration reform that helps small-business owners. For example, if a factory or farm is hiring immigrants to come in and do labor, it might be easier for them to do so under Biden’s tax plan. 

Last, Biden wants to create more funding for entrepreneurs in the Small Business Administration (SBA). This includes more SBA loans and other strategies to help entrepreneurs start a business through the SBA.

Watch the full video to see the full discussion on these points. Then, Kohler answers viewers’ questions on the federal tax plans each candidate is offering.

Latest

How This Company Utilizes Real-Time Interaction Intelligence to Help Dealmakers and Negotiators

The co-founder and CEO of Substrata shares how his company analyzes subtext and nonverbal communication using AI.

Watch Episode 2 of Interactive Series 'Going Public' Today

Meet two new startups trying to impress viewers and raise funds.

It Takes a Village to Keep a Restaurant Open

Interview with Leticia "Skai" Young (LoLo's Seafood Shack) about creating a community with her restaurant and using social media.

Jim Belushi Reveals the Hardest Thing He's Ever Done

The actor-turned-entrepreneur, who stars in the second season of his reality series Growing Belushi, says the Green Rush has been more like a crawl, but it's well worth it.

How This Clothing Designer Launched a Side Hustle Making Customizable Grazing Boards

The founder of ME'N'U Grazing LA shares her side hustle journey and her advice for anyone thinking about starting their own business.

Going Public Series Premiere, Watch and Click-to-Invest Now on Entrepreneur.com

Get ready to watch the first of its kind show where viewers can invest in featured deals while they watch

Delivering Hospitality to Online Audiences

Interview with Garry Kanfer (Kissaki Sushi) about digital marketing and delivering the restaurant experience to customers at home.

Why This Mom Entrepreneur Is All About Quarterly Planning

The founder of Hustle Like a Mom shares her tips for working moms trying to run a business between drop-off and pick-up.

Build A YouTube Following With Authentic Content

Interview with YouTube Star Sam Zien The Cooking Guy about growing his popular YouTube channel and restaurant empire.

This Celebrity Talent Manager Is Offering a 12-Step Online Course on the Business of Acting

Jamie Freed is known for discovering Selena Gomez and managing celebrities like Paris Hilton. Now he's helping actors learn about the business of acting through his 12-step online course.

Video: Random Act of Kindness at Dollar General Store Goes Viral

Cashier wins hearts with her display of compassion at an Illinois store.

This Entrepreneur's Charity-Driven Startup Was Acquired in Less Than 2 Months

The founder and CEO of CharityPops NFT talks about how his company gives back to charities and how his platform got acquired in under 60 days.

This Company Just Launched a Comprehensive Label for Measuring a Fashion Product's Impact on People and the Planet

While we're used to seeing nutrition labels on food, the founder and CEO of Nisolo says he created the sustainability facts label to protect people and the planet.

She Brought a Baby to the Boardroom While Asking for $1 Million. There's No Way That Worked...Right?

Would you dare to try the high-risk, high-reward strategy of bringing a small child to your investment pitch?

Want to Sell Better Through Your Online Store? You Might Be Overlooking This Important Aspect of Digital Marketing.

The founder and CEO of QMocha explains how his Shopify app will work with your existing product images.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.

  • An original series streaming weekly where you can Click-to-Invest while you watch. THEIR JOURNEY. Your decision.
  • Your favorite pitch show is back with new entrepreneurs pitching Entrepreneur's investors.
  • Host Nicole Walters interviews small business founders to discuss their unique challenges and experiences running and growing a business. 
  • Jessica Abo covers the causes people care about, the powerful work they do and how they got to where they are in the first place.
  • Bestselling author, Ben Angel, takes his audience on a journey into the entrepreneurial mind to uncover why we do what we do through his powerful short films and educational videos so you can unleash your ideas and potential.
  • Watch our staff interview top entrepreneurs and report on location in these Entrepreneur.com exclusive videos.