Vice President and Dem Presidential nominee Kamala Harris has never spent a day in business. Not an indictment, but something that bears consideration by discerning voters when listening to the charming lady.
“Hahaha, WTF do I know about business? Nothing. I’m running on JOY, baby, and make believe startup first year business deductions.”
One of her formerly hidden policies is something she calls the Opportunity Economy. One of the tenets of the Opportunity Economy is a $50,000 tax deduction in the first year of startup businesess.
At first glance, I thought this to be impractical and silly so I checked, doublechecked, and re-checked to ensure I understood her policy initiative and, yes, dear reader, I do.
Kamala and the Opportunity Economy will grant any startup business a first year $50,000 business deduction to be absorbed when they file that first year tax return.
Well, dear reader, the problem is this: startup companies never turn a profit (rarely make any meaningful revenue at all) in the first year and thus there is no likelihood that a $50,000 deduction will have any impact. Zero. Not a penny.
This is just a whiff of perfume blown into the ether to trick the voters to think Kamala is “business friendly,” but it’s just a fart in a hurricane. Totally impractical and meaningless.
Biden/Harris is the most business unfriendly admin in my lifetime. [I was born when Truman was POTUS.]
Yes, dear reader, I have worked with hundreds of startups and I cannot bring to mind a single such startup that had significant revenue or profit in their first year of operations.
It does not happen.
Fine, dear reader, here it is:
1. Kamala Harris and the Biden/Harris admin has been wildly anti-business. Just ask the energy business, look at your grocery bill, and look at her massive new tax initiatives.
She’s going to kill small and medium business. Kill them.
2. To overcome that well deserved reputation, Kamala decided to gratuitously offer startup businesses a $50,000 first year business deduction.
3. Startups do not make money or pay taxes in their first year.
4. It’s a bloody head fake and she’s counting on you being so stupid as to not figure it out.
But, hey, what the Hell do I really know anyway? I’m just a Big Red Car.
Have a great week.
