Millennial Entrepreneurs: 4 Financial Policies We Want Under a Harris Administration
Written by
Laura Bogart
Edited by
Amber Barkley
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As election season winds through the major party conventions and toward early voting, many Americans are researching the candidates and seeing how their platforms align with their values and needs — including financial needs. When entrepreneurs step into the voting booth, they carry their hopes and concerns about the futures of their businesses with them.
For millennial entrepreneurs, this urgency feels compounded by their ambitions to grow their businesses in the long-term. As these entrepreneurs assess a potential Kamala Harris presidency, they see financial policies to feel optimistic about, as well as areas where they’d like to see greater change.
GOBankingRates caught up with a few of these young entrepreneurs to discuss their own financial desires for a Harris administration and policies that would help shore them up for success.
Affordable Healthcare
As the founder and CEO of Randy Speckman Design, a web design agency specializing in helping small businesses achieve strategic brand growth, Randy Speckman thinks a lot about what it takes to make a business successful.
He hopes that a Harris administration would consider policies that make healthcare more affordable for small business owners and their employees, such as providing subsidies or tax credits to offset health insurance costs. Speckman said that this approach would make it easier for businesses like his to attract and retain leading talent.
“My agency recently had to increase salaries to match larger competitors in order to keep our best designers on board,” he added.
Greater Access to Capital
When Speckman was first starting out as a business owner, one of the most important steps he took was securing a line of credit — he shared that this action was instrumental in growing his agency from a one-man show to a team of 10 people. He knows firsthand that giving small business owners access to capital, like low-interest loans, grants and other funding opportunities, can allow them to scale, hire more staff and reach new markets.
“I would advocate for policies that expand access to capital for new and growing businesses,” he said. “Expanding access to capital can help more entrepreneurs achieve their dreams of building a successful business.”
Investment in Digital Infrastructure
With so much commerce conducted online, it’s no wonder that many millennial entrepreneurs are focused on a robust digital infrastructure. It’s even more understandable that Amanda Reineke, the CEO and co-founder of Notice Ninja, Inc., which provides a SaaS platform for tax professionals, thinks that a Harris administration would do well to promote policies that allowed businesses to focus on their digital footprints and boost online security.
“As a tech entrepreneur, I’d advocate for policies incentivizing investment in digital infrastructure and cybersecurity,” she said. “Tax credits for tech spending would allow more startups to scale responsibly.”
Reducing Taxes and Regulations
David Materazzi is CEO of Galileo FX and Orion Software Development Srl, a company that specializes in automated trading software that saves users from constantly monitoring things manually. When Materazzi thinks of what actions a Harris administration could take to help his business — which has recruited former professionals from corporations like Microsoft, Google and Apple — he has a clear answer.
“We’d like a Harris administration to reduce taxes and regulations, enabling businesses to reinvest profits into growth, create more jobs and drive innovation,” he said. “This fosters an environment where today’s small businesses can become tomorrow’s industry leaders, creating jobs that replace those lost to automation.”
He added that lowering operational costs would enable businesses to pass their savings onto consumers via lower prices and better choices in products. Moves like this would foster an overall environment that would help businesses to thrive, specifically in terms of getting more creative in their offerings.
According to Materazzi, there’s another key task that a Harris administration can take on to spark business growth.
“I’d appreciate a reevaluation of regulations that are stifling innovation, such as those that create excessive compliance burdens for growing companies or impose restrictive requirements on emerging technologies like artificial intelligence,” he said.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration.
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