President Biden Is Leading a Small Business Boom While Donald Trump Sides With Big Corporations

DNC National Press Secretary Sarafina Chitika released the following statement: 

“President Biden knows that small businesses power our economy, and he’s always stood with America’s small business owners over big corporations. While President Trump prioritized tax giveaways for giant corporations and lining the pockets of his bigwig donors, under President Biden, hardworking Americans are starting their own small businesses in record numbers. The contrast couldn’t be more clear: Donald Trump and 2024 Republicans are running on a failed MAGAnomics agenda while President Biden and Vice President Harris are laser-focused on giving every American their shot at the American dream.” 

The Biden-Harris administration just announced more than $50 million in funds from the historic American Rescue Plan to bolster hardworking Americans’ small businesses across the country.

White House Fact Sheet: “The U.S. Department of the Treasury is announcing awards of more than $50 million to 20 states to provide legal, financial, and other advisory services that are expected to help more than 10,000 small businesses owned by individuals from traditionally underserved communities secure loans and investments to grow and expand.”

Bidenomics has helped lead a small business boom – with a record 14.6 million small business applications filed under President Biden.

White House Fact Sheet: “Under President Biden, Americans have filed a record 14.6 million applications to start businesses – a sign that the historic investment in small businesses is driving confidence and optimism from entrepreneurs, and generating more resilient and competitive markets.”

With help from President Biden’s leadership, America has seen the fastest growth in Black business ownership in three decades. 

White House Fact Sheet: “Entrepreneurs of color are particularly benefiting from the Biden-Harris Administration’s increased lending and investments in small businesses. Data from the Federal Reserve’s Survey of Consumer Finances shows that between 2019 and 2022, the share of families owning a business increased by 9%, with particularly large increases among Black and Hispanic households. The percent of Black households owning a business during this same period more than doubled — after falling between 2007 and 2019. These increases support wealth building in Black and Hispanic communities, as business owners report more wealth as compared to non-business owners in this survey. And under President Biden, we’ve achieved the fastest growth in Black business ownership in over 30 years.”

Meanwhile, Donald Trump’s MAGAnomics agenda benefits the ultra-wealthy and big corporations at the expense of the middle class. 

Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”

Washington Post: “As Donald Trump widens his lead over other Republican candidates in the GOP primary, the former president’s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law, which they see as a major accomplishment worth expanding.” 

And the 2024 field has lined up to support Trump’s extreme MAGA tax scam that lines the pockets of big corporations while hurting middle class families. 

Haley: “Well, I think what I’d like to see is us go back to what Trump had under the tax cuts under him … I was there.”

DeSantis on whether he’d keep Trump’s tax rates in place: “The current rates that are due to expire, we want to keep those rates in place.”

Ramaswamy on a suggestion to make permanent or expand the Trump tax cuts: “I’d go a little further, Larry, than that, to be honest with you.”

Bloomberg: “Christie said he would extend the Trump tax cuts if elected.”Burgum in 2018: “I believe in these economic policies, I believe the tax bill is a great thing.”