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Illustration: Sarah Grillo/Axios

Joe Biden appears to align with more venture capital and startup industry priorities than does Donald Trump, despite the latter's dedication to cutting personal and business taxes.

Why it matters: Trump’s hostility to immigration and bans on Chinese apps TikTok and WeChat are especially challenging for the industry, according to its top lobbying group, the National Venture Capital Association.

The NVCA does not endorse presidential candidates, nor does its political action committee (VenturePAC) donate to presidential candidates.

  • VenturePAC has given more to Republican congressional candidates in the 2020 cycle than to Democratic congressional candidates.
  • Venture capitalists themselves tend to lean Democratic, although there are plenty of notable exceptions.

If Trump wins: His second term will likely be more of the same.

  • Continued and potentially increased restrictions on immigration, including for would-be entrepreneurs and startup employees.
  • Increased scrutiny of foreign investments into American companies.
  • Unpredictability.
  • Yes, but: There's also optimism for more friendly moves like the recent changes to the Volcker Rule, which could increase fund flows. Plus, of course, lower business and personal tax rates.

If Biden wins: His administration is expected to be much more welcoming of immigrants, and his climate change efforts could include favorable policies for tech R&D and startup investments.

  • His biggest challenge to VCs would be increases on long-term capital gains taxes to 39.6% for those with incomes over $1 million.
  • If successful on capital gains, it would be a backdoor change to the tax treatment of carried interest. Trump has also signaled his opposition to current carried interest policy, but didn't address it in the 2017 tax bill.

Either way: Drug pricing and China tensions will continue to be contentious issues no matter who wins, but tactics would be different under Biden or Trump.

Go deeper

Amy Harder, author of Generate
Nov 16, 2020 - Energy & Environment
Column / Harder Line

Biden's Day 1 challenges: Climate change

Illustration: Aïda Amer/Axios

President-elect Joe Biden will face constraints of both politics and time when it comes to pursuing his aggressive climate-change agenda.

Driving the news: Biden will enter a White House after four years of President Trump rolling back climate policies and time running out to substantively address the problem.

4 hours ago - Science

The "war on nature"

A resident stands on his roof as the Blue Ridge Fire burned back in October in Chino Hills, Calif. Photo: Jae C. Hong/AP

Apocalyptic weather is the new normal because humans are "waging war on nature," the UN declared on Wednesday.

What they're saying: "The state of the planet is broken," said UN Secretary-General António Guterres, reports AP. “This is suicidal.”

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Nursing homes are still getting pummeledU.S. could hit herd immunity by end of summer 2021 if Americans embrace virus vaccines, Fauci says.
  2. Politics: Pelosi, Schumer call on McConnell to adopt bipartisan $900B stimulus framework.
  3. World: U.K. clears Pfizer-BioNTech vaccine for mass rollout — Putin says Russia will begin large-scale vaccination next week.
  4. Business: Investors are finally starting to take their money out of safe-haven Treasuries.
  5. Sports: The end of COVID’s grip on sports may be in sight.