Trump promotes favorable tax policies for businesses, while Harris has a moderate stance on immigration policy. But which administration would provide more stability and opportunities for international tech founders?
What about profits and revenue?
Paul Walker, a financial advisor and the author of A Money Book Anyone Can Read, believes Trump is better for entrepreneurs because Harris wants higher taxes on businesses.
“If the corporate tax rate is higher in the U.S. compared to both Canada and Mexico, new business owners can start their companies 100 miles north or south of the border and lower costs by 10% or 15%,” Walker said.
Trump wants the U.S. to be energy independent, which could lower costs for businesses. Walker criticized Harris’s plan to control food prices, stating it illustrates “a lack of the most basic understanding of economics.” Walker is concerned that her policies will discourage business immigration and prompt companies to leave the U.S.
However, Harris takes the lead when it comes to stability and predictability, which are essential for business.
Ysiad Ferreiras, a second-generation immigrant and CEO of Fullmind, an EdTech startup, said the frequent policy shifts and executive orders during the Trump era introduced a layer of unpredictability.
“That could be challenging for business planning and investment decisions,” Ferreiras said. “Harris appears more predictable in terms of policy implementation.”
Why immigration matters
While Trump’s campaign has tried to convey that business immigration won’t be impacted by policy changes, international entrepreneurs are anxious.
Chris Van de Voorde, founder at JUUNOO, a sustainable office design company fromBelgium, is worried about changes to rules affecting all migrants. His startup recently secured $6.6 million from EU investors to support expansion in the U.S.
“We are creating American jobs using European money,” Van de Voorde said.
“Will this be enough to keep the workflow smooth and allow me to travel between the EU and the U.S. regularly?”
He also raised concerns for family immigration since he plans to bring his family to the U.S. “We hope that politics and laws turn out so they don’t interfere so drastically,” Van de Voorde said.
His concern is legal status for immigrant children. “If they take away rights from my daughter this could be a key reason not to move.”
Van de Voorde makes a valid point. According to Michael Catalotti, a top rated attorney in New York, Trump had a negative impact on immigration across the board during his time in the Oval Office.
“There would have to be a lot of delusion to think he or anyone in his administration would have a positive impact with respect to any aspect of immigration,” Catalotti said.
How pathways for entrepreneurs may change
According to Jon Morgan, CEO at Venture Smarter, a consulting firm for startups, the Biden-Harris administration created pathways for entrepreneurs through initiatives like the International Entrepreneur Rule (IER).
This allows non-citizen entrepreneurs to stay in the U.S. if they demonstrate that their venture will provide a significant public benefit.
“This policy is designed to attract innovative minds by making it easier to establish and grow businesses in the U.S.,” Morgan said.
In contrast, Trump attempted to rescind the IER, arguing it lacked sufficient protections for U.S. workers and investors.
“This move was seen as a deterrent for international entrepreneurs who might have considered the U.S. as a destination for their ventures,” Morgan added.
Katya Stelmakh, founder at Stelmakh and Associates, emphasized that during Trump’s time in office entrepreneur visa applications were heavily scrutinized.
“Significant time and money were spent trying to prove that international founders are fraudsters,” she said.
“For instance, immigration officers would travel to the founders’ countries of origin to inspect their businesses and request extensive documentation.”
Longer processing times is something international founders should expect under Trump, believes Vicka Ter-Ovanesyan, co-founder at Imera, an AI assistant helping immigrants navigate life in the U.S.
“Trump has often brought chaos to the immigration landscape, calling for measures ranging from the deportation of legal immigrants to spreading misinformation about immigrant taxpayers,” she said. “His historical preference for stricter immigration policies could limit opportunities for immigrant entrepreneurs.”
What about founders of diverse backgrounds?
While the tech and VC industries seem divided on the candidates, the rule of law is critical for economic growth, believes Aditi Tandon, co-founder at Maroon Oak, a talent platform helping tech companies hire.
“How can one build in an environment when foundational support feels uncertain, wealthy benefactors dictate the terms, and opposition in any form is targeted?” she said.
Under Harris, Tandon stated, there is an appreciation for America’s diverse tech landscape that brings a wealth of backgrounds, including women, people of color, and individuals with multifaceted identities.
Kalyan Gautham, founder at xPub and Climate Reality Leader trained by Al Gore, agrees that the future with Harris looks promising to diverse and early stage founders.
“She has proposed forgivable loans for Black entrepreneurs, which might be helpful for this community,” he said.
“Harris also promised an increase in startup tax deductions to $50K.
With the average cost of starting a business being $40k, the deduction might help certain bootstrapped founders.”
What’s next?
Any outcome and peaceful transfer of authority is preferable to uncertainty and chaos for immigrant-run enterprises.
“Stability is crucial to business,” Van de Voorde said. “We feel a lot of tension in the air as nobody knows what will come. We will be happy once a decision has been made, and we hope for a smooth transition of power.”
Both sides seem to agree on the importance of entrepreneurship for the U.S. economy, said Anastasia Lykova, partner at Starta VC firm and founder at Elpis Labs. She works with governments and trade agencies worldwide to match international startups to U.S. partners.
However, political gridlock is blocking real action. Lykova is frustrated by the lack of progress on the U.S. Startup Visa. Even though Democrats are pushing for it, without bipartisan backing, it stalls.
According to Lykova, many talented entrepreneurs can’t build tech companies in the U.S. due to restrictive policies. A model like Portugal’s startup visa could unlock huge potential.
“While Trump’s pro-business stance is appealing, it’s hard to see it benefiting early-stage entrepreneurs directly,” she said. “It’s time both parties align on supporting startups as a priority for America’s growth.”
