
As the 2024 U.S. presidential election approaches, business leaders across the country are grappling with uncertainty about what the outcome will mean for their future. Propel Software advises U.S. leaders to focus on responsiveness for building long-term success regardless of who occupies the Oval Office in 2025.
Ross Meyercord, CEO of Propel urges leaders to think beyond November: “Now is not the time to wait for the dust to settle. Companies should approach this election cycle as an opportunity to thrive in the face of constant change by proactively investing in technology and talent that keeps them nimble. Businesses always need to be prepared for changing tariffs, taxes, or geopolitical tensions that lead to unexpected interruptions – that’s just the new normal.”
Key Takeaways:
- Under Republicans: Businesses should anticipate a continuation of the tax cuts first introduced during Trump’s presidency. Trump has already pledged to extend those cuts and lower the corporate tax rate even further, aiming to bolster American manufacturing. However, Trump's tariff policies may also see a dramatic expansion. The former president has suggested imposing tariffs as high as 60% on Chinese goods and a blanket 20% tariff on imports from other nations. While these policies are designed to spur domestic production, they could also drive-up costs for businesses reliant on global supply chains.
- However, uncertainty extends beyond the White House. The real challenge will come from a potentially divided Congress, which could impact everything from trade negotiations to tax policies. And while tariffs may benefit some industries, others will need to find ways to mitigate the increased costs.
- Under Democrats: A Democratic administration presents a different vision for the economy. Harris has focused on creating an "opportunity economy," where entrepreneurship, technological innovation, and middle-class wealth-building are central. Her administration would likely continue the Biden-Harris push for regulatory reforms that support key sectors like AI, digital assets, and manufacturing while protecting consumer rights.
- Additionally, Harris has proposed the "America Forward" tax credit, which would incentivize investment in rural and underrepresented communities, with an emphasis on workers' rights and job creation.
- The Harris administration would likely prioritize strategic investments in new technologies and provide tax incentives that promote growth in underserved areas. But this vision comes with its own regulatory challenges, which businesses must prepare to navigate.
- According to PwC’s latest Pulse Survey of over 700 C-suite executives, the election’s outcome is already playing a significant role in how business leaders are planning for the future. A surprising 71% agree that, regardless of who wins, post-election trade and tax policies will hurt U.S. competitiveness. Additionally, 74% say the outcome of the election will shape trade decisions, and 76% say it will affect regulatory compliance.