, including the expansion of several renewable energy related tax credits, a small business retirement tax credit, and a "Manufacturing Communities Tax Credit" that would reduce the tax liability for businesses experiencing layoffs.
The pandemic was also a wakeup call. The US scrambled to get the needed equipment to deal with the coronavirus and was forced to rely on adversarial countries like China to obtain the lifesaving goods. The truth is that an effective plan for incentivizing onshoring will lean more heavily on incentives that will allow businesses to view the US as the economically viable country for their operations and, in turn, their innovation efforts.
However, the great challenge for our next president will be ensuring that America's small and medium sized businesses aren't overshadowed by the tech conglomerates of our country. An enormous amount of innovation and disruptive technology is birthed from our country's smaller businesses, and new policies mustn't bypass the businesses that need it the most.
Glimmers of hope, such as bipartisan support for tax credits that incentivize research and development, prove that there is an understanding in Democratic and Republican circles for the need to retain technical talent, keep jobs here in the US and reward innovation.Small and medium sized businesses make up the backbone of our economy, with more than, and employing half of the country's workforce.
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