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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

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities tied to Iranian-backed militia groups in Syria was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

2 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.