The Independent Professional’s Guide to Voting: Who to pick?

Like or not, politics has far-reaching implications, and as the saying goes – elections have consequences.?With one week left until the US decides its next President, I wanted to share some insights around the election and its impact on the workforce, focusing on independent talent.??

Now before I dig into the meat of this article, this is not a political persuasion piece, simply a collection of observations about how this election will have implications on today’s evolving workforce. During this election season, having opinions and articulating a balanced viewpoint seems to have been left in the rearview mirror, as everything seems so negative all of the time!??

As the political landscape changes, independent professionals face decisions that can shape their careers, industries, and the economy. When it comes to choosing between Kamala Harris and Donald Trump, it’s essential to look at how each candidate’s policies may impact freelancers, consultants, and independent contractors.?

Being in the space of working with Independent Contractors, I’ve found it important to be caught up to date on what could potentially affect them after this year's election. Which is why I’m writing this article. It’s important to note that this is a most likely list, a list based on past policy and current support. This is not a list of exactly what will happen if either is elected, however, it is a STRONG possibility.?

There are 72.7M independent workers in the US today, which is almost double the number back in 2020. People are largely working independently by their own choice, identifying as happier, healthier, and wealthier than they were before. So, with this backdrop, we can dig into some key considerations.?

Below is a breakdown of the potential pros and cons for independent professionals under Harris or Trump.?

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Kamala Harris: Pros and Cons for Independent Professionals?

Pros:?

1. Pro-Labor Policies: Harris has been a strong advocate for labor rights and worker protections, which could lead to enhanced benefits for gig workers, such as access to healthcare and unemployment benefits.?

1. Affordable Healthcare: Harris has supported expanding access to affordable healthcare, including the Affordable Care Act (ACA). For independent professionals who often struggle with healthcare costs, this could be a significant benefit.?

1. Support for Social Safety Nets: Harris has pushed for stronger safety nets, like paid leave and family benefits, which could positively impact freelancers who currently have limited access to such programs.?

1. Education and Training: Harris has shown support for education and workforce development programs that help workers transition into high-demand industries, offering upskilling opportunities for independent professionals.?

1. Equality and Diversity Initiatives: Her policies focus on promoting equity and inclusion, which could create more opportunities for minority-owned businesses and freelancers from diverse backgrounds.?

Cons:?

1. Regulation of the Gig Economy: Harris supports initiatives like California’s AB5 law, which reclassifies many independent contractors as employees. While this is aimed at protecting workers, it could limit the flexibility that many freelancers value in their work arrangements.?

1. Taxation on High Earners: Harris has advocated for increasing taxes on high-income earners. Independent professionals with higher incomes might see higher taxes under her administration.?

1. Increased Business Regulations: Harris’ focus on regulation, particularly in the labor sector, could add administrative burdens to freelancers and small businesses, making it more difficult for them to operate independently.?

1. Focus on Employee Status: While the intention is to protect workers, her emphasis on employee rights over contractor flexibility may limit the autonomy that many independent professionals currently enjoy.?

1. Potential Increase in Operational Costs: The drive for benefits like healthcare and unemployment insurance for gig workers could lead to higher costs for businesses that rely on independent contractors, potentially reducing available freelance opportunities.?

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Donald Trump: Pros and Cons for Independent Professionals?

Pros:?

1. Tax Cuts and Deregulation: Trump’s policies have historically included tax cuts, which have benefited many independent professionals by lowering self-employment taxes. Look at the so-called Tax Cuts and Jobs Act (TCJA). His pro-business stance generally favors reduced regulation, allowing freelancers more operational freedom.?

1. Economic Growth Focus: Trump’s focus on economic growth, particularly through lower corporate taxes and deregulation, may create more freelance opportunities as businesses thrive and outsource work to independent professionals.?

1. Preserving Contractor Status: Unlike Harris, Trump has been vocal in opposing efforts like California’s AB5, supporting independent contractors’ ability to retain their freelancer status without being reclassified as employees.?

1. Support for Entrepreneurs: Trump has frequently championed entrepreneurs and small business owners. His policies may favor those independent professionals who operate as sole proprietors or run their own businesses.?

1. Free Market Approach: His emphasis on a free-market economy could mean fewer restrictions for freelancers and consultants, allowing them more freedom to negotiate their contracts and terms without government interference.?

Cons:?

1. Limited Worker Protections: While the reduced regulation is appealing for business owners, it can come at a cost to worker protections. Independent professionals may find themselves with fewer safety nets, such as healthcare benefits or unemployment protections, under a Trump administration.?

1. Lack of Healthcare Reforms: Trump has attempted to repeal the ACA and has not introduced a clear alternative. This leaves independent professionals at risk of higher healthcare costs, especially if they are not covered under an employer-sponsored plan.?

1. Uncertainty in Trade Policies: Trump’s trade policies have sometimes led to uncertainty in the market, particularly for those freelancers working with international clients. The potential for trade wars or tariff increases can create instability for freelancers in global industries.?

1. Social Program Cuts: Trump’s administration has aimed to cut funding for various social programs, which could affect programs like Social Security, Medicare, and other benefits that freelancers may rely on for financial security.?

1. Focus on Corporations: While Trump has been supportive of businesses, his policies often lean towards benefitting large corporations. This could mean fewer direct initiatives to support the unique challenges faced by independent professionals.?

Both Kamala Harris and Donald Trump offer distinct advantages and challenges for independent professionals. Harris leans towards stronger worker protections, healthcare access, and safety nets but may impose more regulations that could limit flexibility. Trump offers lower taxes, less regulation, and more freedom for freelancers but may fall short on providing essential benefits like healthcare and worker protections.?

Ultimately, the decision comes down to personal priorities—whether an independent professional values flexibility and lower taxes or seeks stronger protections and expanded benefits. Not to mention, there are so many other things to factor in about the respective leaders and their Parties. Let's see who wins, and the impact of your vote.

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