It might be hard to imagine that any voters could still be making up their minds about Donald Trump, considering how well-known and controversial of a candidate he is. Even so, a small portion of the electorate is on the fence about helping the former president return to office by voting for him on Nov. 5.
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Among them is Sheldon Sutherland, owner of Epoxy Werx, a leading company in Arizona specializing in high-end epoxy garage floor installations. His experience during Trump’s first term was mixed, and he’ll spend the remaining weeks of the election cycle examining Trump’s policy proposals for his second administration before he makes up his mind.
“As a business owner, my vote in the upcoming election is heavily influenced by the economic policies that will directly impact both my business and the broader economy,” he said. “I have historically leaned toward conservative candidates but have voted across party lines depending on the specific policies and circumstances at the time.”
He’s focused on the following benefits and drawbacks of a potential second Trump presidency.
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Some Trump Policies Helped Sutherland Get Ahead
Sutherland is attracted to a pair of Trump’s first-term policies that the former president would likely revisit in a second administration. If Trump ends up earning Sutherland’s vote, these policies will be the deciding factors.
Tax Cuts and Other Pro-Business Changes to the IRS Code
During his first term, President Trump’s signature achievement was comprehensive tax legislation that brought sweeping overhauls to the tax code that impacted business owners like Sutherland. They included changes affecting business deductions, depreciation, expensing, fringe benefits, tax-favored investments, business structure and accounting methods. The law also created a new business tax credit for companies that provide paid family and medical leave.
The law’s detractors say it disproportionately benefited the wealthy and increased the national debt, but in terms of profitability and hiring, it was mostly a win for Sutherland.
“Employment was sustainable when the Tax Cuts and Jobs Act of 2017 permited me to reinvest more capital in my business and, thus, expand and create more jobs,” he said.
The Tax Foundation says that Trump has proposed another round of tax cuts if he wins, which would rank among the most significant changes to the tax code in modern history, much of which Sutherland would welcome.
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Deregulation
Trump has been more consistent in his affinity for deregulation than just about any other policy position. In a second term, he would almost certainly continue targeting business regulations and defanging the agencies that enforce them — and most of that would be just fine with Sutherland.
“The lessening of business restrictions under the Trump administration was useful in smaller businesses like mine in avoiding much of the bureaucratic processes,” he said.
Other Policies Have the Entrepreneur Looking at the Rival Ticket
The Trump era was not all roses for Sutherland, and he’s hesitant to help elect him to a second term unless the former president can convince him that certain positions and policies won’t follow him back to the White House. The following are two hallmarks of Trump’s first administration that could cost him Sutherland’s vote.
Tariffs and Trade Wars
When campaigning in advance of his 2016 election, Trump vowed to impose steep tariffs on Chinese imports to counter what he claimed were unfair trade policies that put American producers at a disadvantage.
On that promise, Trump delivered in spades — and he is on the record in saying that he will renew and expand his trade wars if reelected, which could negate any benefits Sutherland gains from more tax cuts.
A Tax Foundation study found that Trump’s tariffs equated to a $79 billion tax increase as they sent the cost of imports soaring while lowering the GDP and capital stock gains and eliminating 142,000 full-time jobs.
Sutherland — who relies on imports — was among many who felt the pain.
“The trade tariffs put on during the Trump presidency saddled my costs on input raw materials, thus squeezing my profit margins,” he said.
The COVID-19 Debacle
The bungled response to the global pandemic that came to define the Trump presidency still does not sit well with Sutherland, who saw his business suffer and many others close while the virus killed hundreds of thousands of Americans.
“The handling of the pandemic did not help in attaining economic stability, which hampered small businesses,” he said.
In the end, Sutherland wants a president who favors pro-business policies, which Trump often did, and provides a sense of consistency and predictability, which he often did not.
“While Trump’s policies on tax cuts and deregulations benefited my business, the trade wars posed challenges and the pandemic response made things worse,” he said. “I am looking for a candidate who will provide economic stability and a sense of direction.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: I’m an Undecided Voter: 2 Economic Policies of Trump’s I Like and 2 I Don’t Like
