Election Watch: Regional business leaders gather to discuss 2024 Presidential Election
The Board of Trade held the second part of its 2024 Election Watch series at the Downtown D.C. office of our series sponsor K&L Gates to engage members on how the 2024 Presidential Election could impact the Greater Washington region. It came only a couple weeks after the debate between Vice President Kamala Harris and former President Donald Trump.
A wide range of critical topics were discussed, reflecting the complex intersection of current political, economic, and social challenges. Attendees expressed interest in key areas such as tax policy, higher education, workforce development, and the uncertainty surrounding regulations.
Tax Policy was a central focus, with a noted emphasis on the expiration of the Tax Cuts and Jobs Act in 2025. The looming cost of extending these cuts, estimated at $4.6-$8 trillion, sparked intense debate. Republicans are inclined towards making tax provisions permanent, reducing taxes on manufacturers, and increasing taxes on large university endowments. On the other hand, Democrats emphasize no tax increases on individuals making less than $400,000, enhancing startup expense deductions, and addressing affordable housing.
Higher Education and Workforce Development were also critical themes. Multiple member representatives underscored the importance of adapting educational programs to meet the evolving needs of the workforce. They highlighted that education is not only a domestic issue but also intricately tied to global competitiveness.
The Uncertainty of Regulation was discussed from both corporate and policy angles. Member representatives pointed out the challenges of navigating shifting regulatory environments. This has been a pressing issue across sectors, affecting infrastructure, workforce, and corporate decision-making.
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Infrastructure and Reauthorization of major public works projects emerged as another priority, member representatives focused on the need for updated transportation infrastructure in the Greater Washington region, while ensuring sustainable financing.
Regionalism continues to shape local policy initiatives, which Board of Trade members discussed. It emphasized the significance of fostering cooperation between states and local governments to ensure regional development aligns with broader national priorities.
A recurring theme was Election Integrity, as multiple attendees raised concerns about the impact of electoral processes on governance. Notably, K&L analysts stressed that for Democrats to win the Electoral College, they would likely need to secure the popular vote by a margin of at least 3%, citing challenges in accurately polling certain voter demographics, particularly Trump supporters.
The discussion also touched on identity politics, with insights about how the 2024 elections may be shaped by which candidates best represent the values and identities of voters, rather than focusing solely on political experience, such as Vice President Kamala Harris’s tenure.
Geopolitical Issues also took center stage, with concerns about the international landscape affecting domestic policy. The reliance on Chinese goods, border policies, and ongoing conflicts such as those in Gaza, Israel, Russia, and Ukraine all create external pressures that influence voters and policymakers alike.
Looking forward, the general consensus is that policymaking will remain reactive, shaped by an interplay between state and local governments. The slim majority in Congress, regardless of which party holds control, will necessitate bipartisan cooperation to move forward on key initiatives, ranging from energy policy to AI and tech workforce development.
In sum, the policy environment is in constant flux, with a wide aperture for new issue areas while balancing ongoing legislative challenges. Voters face issues ranging from housing and education to energy and international affairs, all of which will demand innovative, cross-sector solutions in the next legislative session.
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