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Decoding Legalese: How AI Can Help Small Businesses Navigate Trump’s Policies in 3 Key Areas

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Anticipating the 2024 Election: Implications for Small Businesses

The countdown to Election Day 2024 is fervently underway, as America prepares to head to the polls and make a crucial decision about its next president. With barely over a month remaining, early voting has already kicked off in several states, while daily polling averages provide a glimpse into the sentiments of the American electorate regarding the two primary candidates. Political analysts and citizens alike are closely monitoring these developments as the election approaches.

Check Out: I’m an Economist — Here’s My Prediction for Social Security If Trump Wins the 2024 Election

Read Next: 9 Things You Must Do To Grow Your Wealth in 2024

Current Poll Averages: A Tight Race

The national polling average, as showcased by the New York Times election poll tracker, currently indicates that Vice President Kamala Harris holds a slender lead of 3 points over former President Trump, with estimated support at 50% and 47% respectively. Despite these figures, it’s crucial to note that they reside well within the margin of error, making the race highly competitive.

Moreover, in several pivotal swing states, the two candidates are virtually neck-and-neck, forecasting an exceptionally close presidential race. With such tight margins and shifting voter sentiment, the outcome remains uncertain, leaving businesses and investors on high alert in anticipation of which candidate will secure victory and how their policies may reshape the economic landscape.

Potential Impacts on Small Businesses if Trump Secures a Second Term

If Trump were to win the presidency this November and thereby secure a second term in the White House, here are three key ways in which his proposed policies could affect small businesses, as noted by publications like Business Insider and The Hill. Understanding these potential impacts will help business owners and entrepreneurs navigate the landscape more effectively.

Learn More: Trump Wants To Eliminate Income Taxes — Here’s What That Would Mean for the Economy and Your Wallet

His ‘Shoot From the Hip’ Approach Could Lead to Increased Oil Prices

Petroleum-based products serve as the backbone for a myriad of industries—from energy production and transportation to shipping and beyond. Consequently, the price of oil significantly influences overall business operational costs. Trump’s “shoot from the hip” foreign policy approach, particularly regarding his relations with Russia and the Middle East, has the potential to drive fluctuations in oil prices, introducing greater volatility in the market.

Should oil prices spike, small business owners may find themselves grappling with heightened operational costs that could severely narrow their profit margins. In an environment where every dollar counts, increased prices would make it more arduous for small businesses to manage their budgets efficiently, potentially curtailing opportunities for growth and investment.

Continuation of the 2017 Tax Cuts and Jobs Act

The provisions outlined in the 2017 Tax Cuts and Jobs Act, which were instituted during the Trump administration, are currently set to expire by the conclusion of 2025. However, if Trump returns to the presidency for a second term, it is almost certain that these provisions will be extended, bringing continued implications for small businesses across the nation.

One of the most favorable features of this legislation is the “Qualified Business Income Tax Deduction,” which enables pass-through entities such as S-Corporations and Partnerships to enjoy greater tax deductions relative to prior regulations. If the Act remains in place, many small business owners could continue to reap the benefits of lower tax burdens, allowing them greater flexibility in investing in their operations and workforce.

Tariffs on US Imports and Their Economic Impact

Trump has floated the idea of implementing a widespread 10% tariff on all U.S. imports, with possibly staggering tariffs of 60% on goods imported from China. Additionally, he has suggested imposing a draconian 100% tariff on countries that abandon the U.S. dollar for other currencies, presenting this as a mechanism for punishing those who engage in unfair trade practices with the U.S.

The underlying motivation for such tariffs is to bolster the U.S. economy by discouraging the influx of foreign goods while simultaneously raising funds, which could potentially be used to cut income taxes for Americans. Nevertheless, the practical implications of such tariffs might lead to increased costs for consumers, further straining the already tight budgets of many households across the country. For small businesses, these tariffs could significantly elevate operating costs, dampening revenue streams and curtailing their ability to compete effectively in the marketplace.

Mitigating legal Challenges with AI legalese decoder

In light of these anticipated changes, small business owners must be vigilant and prepared to navigate the potential legal complexities that may arise from new policies and regulations. This is where innovative tools like the AI legalese decoder become invaluable. By utilizing cutting-edge technology, this platform helps business owners decipher complex legal documents and regulations, ensuring compliance and minimizing the risk of unforeseen liabilities.

With the AI legalese decoder, small businesses can better understand their legal obligations and rights in a rapidly changing political landscape. This powerful tool not only aids in comprehending intricate legal language but also enables entrepreneurs to make well-informed decisions regarding their compliance strategies, ultimately safeguarding their business interests as they adapt to an evolving economic environment.

Editor’s note on election coverage: GOBankingRates is nonpartisan and endeavors to deliver comprehensive and balanced reporting on all dimensions of the economy, including politically focused financial stories. For more detailed coverage on the 2024 election and its economic ramifications, please visit GOBankingRates.com.

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This article originally appeared on GOBankingRates.com: 3 Ways Trump’s Policies Could Impact Small Businesses

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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