January 25, 2017 at 5:26 pm #1397
On January 20th, Donald Trump assumed the presidential office and he has some big plans for business in general. Many entrepreneurs remain optimistic that Trump can help small businesses not only by helping to increase revenue through tax cuts and reforming the Affordable Care Act, but also by helping to make the whole process of communicating with the government easier.
According to his 100 day plan, Trump will encourage large companies as well as the federal government to hire small businesses. If done right, the ensuing partnership can be a symbiotic one, benefiting both the large and the small corporations. Larger business would receive tax breaks for using small businesses and small businesses would get big contracts. Another happy side effect would be the creating of jobs on U.S. soil.
Another way Trump can help small businesses is to streamline the process of communicating with the government. By offering more efficient ways of dealing with both local and federal government, small business owners can spend less time trying to figure out what they need to pay and to whom, and spend more time improving their businesses. Ideally, simpler communication would also mean easier to comprehend forms too!
During his campaign, Trump spoke of lowering taxes for small businesses 15 – 35 percent. This would be a welcome change for any entrepreneur. Lower taxes means more expendable income for businesses to grow. This route would help to create jobs just as using small business on big jobs would.
Finally, many small business owners are looking forward to the repeal of Obamacare. Although companies with less than 50 employees are exempt, many small businesses report that the ACA has hurt them financially. However, there are some who would like to see an amended version of the Affordable Care Act rather than a complete repeal; and this is on track for Trump’s plans as he has been reported saying that an new version of the ACA will come out as the old version is nullified. In the very least, many small business owners would like to see the amended version be less complicated to figure out and cost less.
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