Small Businesses Prioritize Economy Ahead of Election
As we brace for the 2024 elections, small businesses are standing at a critical juncture. We face a profound choice between two very different visions for the future.
The latest survey from the United States Hispanic Business Council (USHBC), where I proudly serve as President & CEO, reveals a divide in how 2,600 of our members view the candidates’ platforms. These members were over eighty percent business owners and seventy percent Hispanic.
Despite Harris’ gains on community representation and immigration reform, Trump retains a commanding lead when it comes to the economy. The result is a reality that speaks volumes about the priorities of our business community.
Fifty-five percent of respondents believe that Harris is better suited to represent their community’s interests. Her commitment to equity, healthcare reform, and community investment has struck a chord with those who seek policies that address the structural challenges faced by minority-owned businesses.
Moreover, Harris’ immigration proposals—most notably, her support for pathways to citizenship for immigrant workers—align directly with the needs of industries like agriculture, hospitality, and construction, where our community works and owns businesses.
When we asked about the economy, Trump’s appeal became evident. Seventy percent of small business owners in the USHBC survey indicated that they believe Trump’s economic platform is more favorable for their businesses.
This preference is grounded in Trump’s record during his presidency, which included the implementation of the first significant tax cut for small businesses since the Reagan Administration.
The 2017 Tax Cuts and Jobs Act provided critical relief to small business owners, reducing corporate tax rates and allowing for greater reinvestment in business operations. As a result, small business optimism soared to record highs under his administration.
Trump’s commitment to deregulation further contributed to his popularity among our small business owners. His administration sought to cut the red tape that many businesses found cumbersome and restrictive, enabling them to enter new markets and grow at a faster rate.
Additionally, Trump’s emphasis on expanding domestic energy production appealed to 56% of USHBC business owners concerned about rising energy costs—a significant expense in industries that are energy-dependent such as construction, agriculture, transportation and more.
For many small business owners, the financial relief and regulatory freedom provided by Trump’s administration translated into real, measurable success. In times of economic uncertainty, this legacy carries considerable weight, especially for entrepreneurs who are navigating the complexities of inflationary pressures, supply chain disruptions and rising costs of living.
The 2024 election presents our community with a complex decision. On the one hand, Vice President Harris offers a vision of inclusivity, equity, and reform, with specific attention paid to immigration policies that directly impact the small business community.
On the other hand, former President Trump’s track record on economic growth, tax relief, and deregulation continues to hold significant appeal for those who prioritize their businesses’ success and operational autonomy. To muddy the waters even further, over fifty percent of respondents view Trump as a threat to democracy and thirty-eight percent believe the same of Harris.
Ultimately, this survey underscores the fact that Hispanic entrepreneurs are putting the economy and their businesses above all else. For small business owners, your business is your lifeline.
It is your means to provide for your family, which is the top priority. In spite of Harris’ appeal on community representation, likely due to her being a minority and having immigrant roots, fifty-eight percent of respondents would still vote for Former President Trump because of his record on the economy.
In order to capture the vote of the small business community, it would serve Vice President Harris well to build trust on this critical issue.
