Finance
Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration
Millennial adults represent a generation that is going through a lot of milestones and “firsts” in their live. This can be a wedding, the birth of a child, the purchase of a home or a new job. In turn, they are also facing specific financial challenges, which, combined with inflation and high rates, can be difficult to navigate.
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When it comes to millennial entrepreneurs, they have an additional set of business and financial challenges to face and said that there are certain policies that they would like to see under a Donald Trump administration. Here are some of them:
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Easing Regulations
Most millennials are in their prime earning years and have been hit doubly hard by the pandemic and inflation impacting their earning power, said Brenda Christensen, a self-made millionaire and CEO, Stellar Public Relations.
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In turn, she said that a Trump presidency would likely reduce inflation by easing regulations on business with savings passed down to consumers.
In addition, Christensen — who worked with Trump while working in PR for The Taubman Company — said that he’s a calculated risk taker and understands the business world implicitly, including entrepreneurship where millennials are in large numbers.
“For example, during his previous administration, his policies reduced burdens on businesses by eliminating taxes and other restrictions, such as loosening FINRA [Financial Industry Regulation Authority] rules which benefitted not only the tech sector and VC [venture capital] funding but overall economic growth,” she added.
Regulation That Makes it Easier to Access Financial and Investing Tools And Broader Use of Crypto
“I think we are living in too much of a top-down, centralized financial system. The cost of investing is too high for a huge percentage of the population, especially for millennials and Gen Z folks,” said Rebecca Liao, CEO of Saga, who also served on Hillary Clinton’s foreign policy team for her 2016 presidential campaign, responsible for Asia trade and economic policy.
As Liao noted, many of them are working part-time or gig jobs that don’t feature 401ks and other automated investment systems for their retirement and most don’t contribute to Roth IRAs.
In turn, she argued that one financial policy Trump could implement is regulation that makes it easier to access financial and investing tools.
“Crypto is one of the tools for decentralizing our economy and providing fairer, more readily available tools for access to novel financial products that, in turn, are likely to experience relatively greater upside, albeit with more volatility along the way,” she added, noting that making investing in the broader crypto realm more permissible and compliant would be a solid step in the right direction.
Other experts echoed the sentiment saying that this cohort needs crypto friendly policies.
“There are thousands of entrepreneurs developing ideas with world-changing potential using blockchain. They won’t stop, they will simply choose a country with the friendliest policies, where they will make a lot of money and employ a lot of people,” said Mel Gelderman, CEO and co-founder at token.com.
Regulation Helping Consumer Sector Millennial Entrepreneurs-Such as Not Tax on Tips
According to Nick Gausling, a millennial entrepreneur, consumer sector consultant, and managing director of Romy Group, many millennial entrepreneurs outside tech run consumer sector businesses, but the American consumer is “close to tapped out.”
“Trump reviving the No Tax on Tips proposal pioneered by Ron Paul is a big win for these entrepreneurs,” said Gausling.
He argued that first, ending taxation on tips would be a massive direct stimulus for many service workers, especially in lower tax brackets.
“Since every service worker is also a consumer, that stimulus would spill over and improve revenues for businesses across the consumer sector,” he said.
In addition, he noted that this policy could also bring new innovation in labor modeling and better customer service.
“Many consumers are tired of tipping culture run rampant, but if entrepreneurs combined lower base wages with lower retail prices, tax-free tipping could yield higher overall net income for service workers, better customer experience at lower cost for consumers, and more sales and customer retention for entrepreneurs,” he added.
Reducing Taxes for Small Businesses
Trump could introduce several policies benefiting millennial entrepreneurs including the focus on reducing taxes for small businesses, which is key in this case, said Adam, CEO, Ferrari Phoenix Capital Group.
“Lowering corporate tax rates, as seen during Trump’s first term, can free up capital that entrepreneurs can reinvest into their businesses, whether it’s for hiring, expanding operations, or investing in new technologies,” he added.
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This article originally appeared on GOBankingRates.com: Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration