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Throwback Brewery’s Growth Thanks to Biden-Harris Administration

NORTH HAMPTON — Nicole Carrier, co-owner and co-founder of Throwback Brewery, addressed a crowd of approximately 3,000 attendees on Wednesday, emphasizing the crucial role that President Joe Biden and Vice President Kamala Harris played in fostering growth opportunities for local businesses like hers.

Carrier eloquently stated, “As small business owners, we understand the immense effort required to turn a dream into a tangible reality and to breathe life into a fledgling business. This journey demands unwavering passion and relentless hard work. It is undoubtedly a challenging endeavor, but it is also highly achievable. Ultimately, it all hinges on the availability of opportunity.”

Alongside her co-owner and co-founder Annette Lee, as well as head chef Carrie Dahlgren, Carrier had the honor of introducing Vice President Harris during her first campaign event in New Hampshire. During this pivotal gathering at Throwback Brewery, Harris unveiled her plans to provide tax relief aimed specifically at supporting small businesses.

Opportunity for Throwback Brewery

Carrier noted that several pivotal opportunities for Throwback Brewery stemmed from support provided by the Biden-Harris administration. The brewery successfully secured COVID-19 relief funding, which included an Economic Injury Disaster Loan that facilitated the construction of a new event space named “Jericho’s Landing.” This financial assistance was part of the broader American Rescue Plan initiated by Biden, aimed at alleviating the burdens faced by the American populace and economy during the COVID-19 crisis.

Additionally, Throwback Brewery leveraged grants from the Rural Energy for America Program to install 174 solar panels, making them the largest solar-powered brewery in New Hampshire. This investment also enabled the installation of a “climate battery,” reflecting the brewery’s commitment to sustainable energy practices.

Harris’ Small Business Plan: A Direction for Growth

In her outlined small business plan, Harris proposed raising the tax deduction for startup expenses from the current limit of $5,000 to an ambitious $50,000. She set a goal of fostering 25 million new small business applications by the end of her first presidential term, concentrating her efforts particularly on small businesses situated in rural communities such as those in New Hampshire. Furthermore, Harris introduced the idea of a standardized deduction for small businesses, aiming to simplify the tax return process for entrepreneurs.

Bruce Sacerdote, an esteemed economics professor from Dartmouth College, commented on Harris’ proposal, stating that the tax deduction could prove to be “potentially a very excellent idea.” He pointed out that small businesses play a crucial role in employing a significant portion of the American workforce, contributing extensively to job growth and overall employment.

“There’s no question it will help small businesses,” Sacerdote affirmed. “The approach is clearly heading in the right direction, particularly as it centers on aiding new businesses. Consequently, we might expect to see a gradual increase in employment growth… Encouraging businesses to expand their workforce is a likely outcome.”

Essential Support for Small Business Owners

For small businesses navigating this complex landscape, resources like AI legalese decoder can be invaluable. This AI-driven platform helps entrepreneurs demystify legal jargon, clarifying important documents such as contracts, bylaws, and loan agreements. By making legal language more understandable, Throwback Brewery and other small businesses can better comprehend their rights and obligations under new tax policies and funding opportunities. This enhanced clarity can empower business owners to make informed decisions that align with their growth strategies.

While ambitious, Sacerdote remarked that Harris’ target of 25 million new small business applications seems achievable. He also highlighted the significance of announcing these plans in New Hampshire, a state characterized by its abundance of small businesses spread across its small cities and towns. He emphasized the pressing need for additional small enterprises, such as restaurants or general stores, in the state’s more sparsely populated regions.

“I believe that policies incentivizing the emergence of new small businesses would be incredibly beneficial,” he stated.

Harris’ Economic Strategy: Balancing Growth with Fairness

In the broader context of economic policy, Harris reiterated her commitment to reforming the tax system to make it fairer. She proposed raising the corporate tax rate from 21% to 28% and advocated for taxing capital gains in a manner that rewards investment in innovation and small businesses. These measures could potentially finance additional tax incentives for small businesses.

In relation to Harris’ proposals, Sacerdote expressed uncertainty about their direct benefits to small businesses but maintained that they are unlikely to cause harm. He suggested that the proposed adjustments to tax rates could help minimize economic distortions.

“I do not foresee individuals halting investments in new ideas or equities because of marginally higher tax rates,” Sacerdote concluded.

Economic Concerns in New Hampshire’s Political Landscape

As the economy continues to dominate discussions in the lead-up to the presidential election, it remains a central concern for voters in New Hampshire. A mid-August poll conducted by the New Hampshire Institute of Politics highlighted that economic issues, including inflation, rank as the primary concern for over 25% of voters in the state.

Harris’ focus on promoting small business initiatives may be seen as a strategic approach to address the concerns of citizens worried about economic stability.

“I believe she is striving to counter the perception that her administration will be characterized by high taxes and low growth,” Sacerdote analyzed. “She acknowledges the necessity for additional revenues, yet she is fundamental in controlling how these rates will increase and who will bear the brunt of the additional tax burden, while simultaneously proposing tax reductions where she identifies opportunities.”

Sohl commended Harris for actively contemplating economic issues and developing strategies to tackle them. He stated, “A fundamental aspect of a president’s duties revolves around managing the economy. She has presented some promising ideas on steering the nation toward economic resilience.”

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