Week 7 EOC: Trump and Small Businesses

Under Trump Presidency, some major economic policy changes with Immigration, Taxes, Healthcare, and Regulations will each affect a business in positive or negative way. When it comes to Small businesses Karen Kerrigan, president and CEO of The Small Business and Entrepreneurship Council (SBE Council) stated that “His agenda of lower taxes and simplifying the tax code, relieving small businesses of excessive regulation and red tape, competitive solutions for more affordable health insurance,” she continues to mention word of smarter trade agreements, and advancing growth-oriented policies. “Trump pledged to flatten the tax code from seven rates to three, with nobody paying more than 33% in income taxes. The alternative minimum tax would be repealed. Capital gains taxes would stay, but carried interest would be taxed as ordinary income.” Trump has mentioned gathering and deporting any undocumented immigrants in the U.S, and building a wall between the U.S. and Mexico. If he were to do so it would cost over $1 trillion to prosecute, the economies Gross Domestic Product would get reduced, and Small businesses would get affected in a negative way. Trump has changed his mind about what he plans on doing with healthcare, he now mentions keeping parts of the Obama Health Care Act, but there’s no certainty. Trump wants to be able to allow people to buy insurance across state lines, in all 50 states and work with states to ensure access to coverage for individuals who don’t have any. A constant complaint for small business owner is that they must take time away from managing their businesses to deal with time-consuming regulations. Therefore, “Trump plans on Asking all Department heads to submit a list of every wasteful and unnecessary regulation which kills jobs, and which does not improve public safety, and eliminate them.” That being said, I believe Trump Presidency will affect many businesses differently, but I feel Small businesses wont struggle as much through the change.