When November 6th rolls around, I won’t care who won the election. I’ll be too busy going to work.
As a businessman, I will adapt to the economic policies of our new president, whoever he may be.
This is certainly not the time to worry about personality issues. What worries me is politics.
But that doesn’t mean I don’t have a clear preference when it comes to each candidate’s economic policies, and that’s how I evaluate them.
As a businessman, I will adapt to the economic policies of our new president, whoever he may be.
CHOOSE ‘WINNERS AND LOSERS’
Vice President Kamala Harris has remained somewhat silent when discussing the details of her plans.
Although one thing we know for sure is that she believes the federal government is better than local government or individuals at making decisions about where money is spent.
We also know that he wants to allocate more money to support certain industrial sectors. I call this picking winners and losers.
For example, President Biden and Vice President Harris have committed more than $200 billion of taxpayer money to the CHIPS and Science Act since it was signed in 2022.
This statute is specifically designed to boost the high-tech chip manufacturing industry in the United States.
We still don’t know if it’s a good or bad idea, but by allocating such a large amount of capital to one area, Harris and Biden have attempted to make a huge gamble.
And that, historically, has not worked very well for governments. In fact, it is more similar to the centrally controlled economies of socialist countries.
Trump, by contrast, believes it is better to let individuals and corporations keep more of the money they earn and spend it as they see fit — a market-based approach.
Vice President Kamala Harris has remained somewhat silent when discussing the details of her plans.
Trump, by contrast, believes it is better to let individuals and corporations keep more of the money they earn and spend it as they see fit — a market-based approach.
Trump’s plan is to keep tax rates around 20 percent and maintain a level playing field for funding across all sectors. He will not choose winners and losers.
Another important factor to think about is how Trump plans to impose tariffs, particularly against China.
THE TIFF TARIFF
Trump has proposed a massive 60 percent import tariff on all goods from China and 20 percent on everything else the United States brings in from abroad.
Normally, I would be in favor of a reciprocal tariff law; In other words, a tit-for-tat deal.
If Germany wants to impose a 10 percent tariff on cars, we will do the same. Etc.
But when it comes to China, it has never been a level playing field because its supreme leader, Xi Jinping, doesn’t play by the rules.
I do business in China and know that its regime-controlled businesses routinely steal intellectual property from American competitors. And if you want to sue in a Chinese court, good luck. You will not pass the courthouse steps.
If the United States imposes high tariffs on China, the Chinese will lose access to the American market and their supreme leader will be forced to come to the negotiating table and China will be forced to behave in a more reasonable manner.
This is how tariffs should be used: selectively and painfully.
Frankly, Harris hasn’t outlined her policies on tariffs or much else. Her representatives are speaking for her, and that is causing chaos.
SAVING THE AMERICAN DREAM
My Shark Tank co-star Mark Cuban is one of Harris’s representatives and said last month that we should ignore claims that Harris would tax the “unrealized gains” of the wealthy (i.e., any theoretical growth in their assets , before those assets are actually sold!). .
However, this radical proposal is part of the tax plan that Harris has actually endorsed.
Of course, I’m against it.
If you really want to implement taxes on unrealized capital gains, that’s not the America anyone knows.
It’s not the American dream. He’s a socialist and that’s pretty scary.
My Shark Tank co-star Mark Cuban was one of Harris’s representatives and said last month that we should ignore claims that Harris would tax the “unrealized gains” of the rich.
While Mark and I support American entrepreneurship, Mark campaigned for and endorsed one candidate: Harris.
I, on the other hand, do not support politicians.
In fact, I think it’s really stupid. Half of my CEOs are Democrats and I do business with all of them. Half are Republicans. I also do business with them.
My own family table is divided between Republicans and Democrats.
Instead of getting caught up in endorsements, I encourage everyone to vote. And when you vote, keep in mind America’s most important export: it’s not energy or technology.
It’s the American dream. And our new President’s most important job is to protect it.