@34:10

I want to see 25 million new small business applications [?] by the end of my first term [2028], and to help achieve this we will lower the cost of starting a new business. On average, it costs about forty thousand dollars to start a new business in America.

FALSE. $40K is equivalent to annual wage + employment taxes paid for one (1) employee. Add to that fixed and variable operating expenses—which are all federal form S, form C deductible—and deduce how Big Business effective rates ->0.

That is a great financial barrier for a lot of folks, and it can hold entrepreneurs back. And the current tax deduction for a start-up ["new" business establishment] is just five thousand dollars.

FALSE. As noted above, taxpayer classification determines the scope of deductions. The Alternative Minimum Tax (AMT) precludes combined personal and unincorporated "sole proprietors ("high-income") exemptions. And "The deduction" limit is not $5K, it's a proportional rate.

So you gotta make up the delta [sic] there. You gotta figure out how you're going to do that. Not everyone has access to that kind of wealth and capital. So party of my plan is we will expand the tax deduction for start-ups to fifty thousand dollars. It's essentially a tax cut for starting a small business.

FALSE. As noted above, more than one deduction reduces taxable income, not expenses.

Second, my plan will help existing small businesses grow. We will provide low- and no-interest loans to small businesses that want to expand and we will—and this is very important—cut the red tape that can make starting and growing a small business more difficult than it needs to be. more difficult than it needs to be. For example, we will make it cheaper and easier for small businesses to file their taxes, similar to how individuals can take a standard deduction. You know, I said to my team, kind of like—now, I'm going to date myself again, because the they no longer do it—kind of like, you remember, the 1040-EZ [personal income filling form], like that kind of ide, right? Let's just take away some of the bureaucracy in the process to make it for people to actually do something that's going to benefit our entire economy.

m'k. I stopped listening here. Fed.gov's SBA already handles SME "venture capital" functions (loans and grants, vocational ed, contracts, etc) allocation prescribed by the odious.

Watch the video. The expressions on the faces in the crowd are priceless.