Donald J. Trump having won the 2016 election will have a large impact on not only business as a whole, but small businesses. Since having won the current election, several small business owners have been backing him up. In fact, some of the utmost generous donors to the Trump campaign were the small business owners. Trump is expected to start modifying President Barack Obama's health care, or Obamacare and is also going to undo some enviornmental regulations leaving small business owners incredibly positive about his win. One of the most important aspects that will be changing for the better, in small business owners eyes, is the tax changes."Business groups want to see benefits as well for sole proprietors, Roseberg and corporate shareholders whose business income is reported on their personal returns."(sdasd). Trump has been heavily advocating to lower the income tax by 15 percent on all companies. Right now these companies are being taxed at rates as high as 40 percent. This tax law will not be changed without Congress' approval, but with the new republican lead Congress this is looking like it may happen. Trade is also going to change and trump has been planning to renegotiate the North American Free Agreement trade which is currently governing the trade among the United States, Canada and Mexico. "He also wants the U.S. to withdraw from the Trans-Pacific Partnership, which is awaiting approval from Congress. But he may face opposition from small-business groups" (Roseberg). Lastly, the minimum wage will be increasing which has be said to be hurtful towards small business companies but some have also said will help increase competition. "The approval of minimum wage increases in Arizona, Colorado, Maine and the state of Washington will likely add momentum to campaigns in other parts of the country" (Roseberg).
Joyce M. Rosenberg | Associated Press. "Small Business Generally Upbeat about Trump Agenda." Albuquerque Journal. N.p., n.d. Web. 16 Nov. 2016.
No comments:
Post a Comment