President Trump’s Tax Plan Would Reduce Burden on Small Businesses, Increase Opportunities for Jobseekers
Atlanta— Today, the Job Creators Network applauded President Donald Trump’s plan to lower the tax rate for pass through small businesses to 15 percent—down from a top current rate of 40 percent. This significant tax cut will give small businesses the opportunity to hire more employees, expand their operations, and invest in their communities. This will invigorate small businesses and small towns that still have not fully recovered from the Great Recession.
President Trump’s announcement coincides with a new nationwide poll of small business owners conducted by Roosevelt Opinion Research which finds that 70 percent of respondents agree that high taxes and tax complexity threaten the viability of their businesses. Likely as a result of Trump’s plans to address this tax burden, nearly 60 percent – a clear majority – of small business owners believe his policies will have a positive effect on their employees and consumers.
Doug Haugh, President of Mansfield Energy and member of the Job Creators Network, has an op-ed in The Hill today making the case for such small business tax relief. Read the op-ed here.
Alfredo Ortiz, President and CEO of JCN, has an op-ed in RealClear Politics today highlighting Trump’s plan to reduce the small business tax rate to 15 percent. Read the op-ed here.
In addition to his tax reform proposal, the small business community’s clear support of President Trump is likely rooted in his attempts to reduce the Obamacare and regulatory burdens small business owners face. A recent Small Business Regulatory Survey found that the average small business spends more than $12,000 a year on compliance costs and small business start-ups spend more than $83,000.
In his first hundred days in office, President Trump has already begun to tackle regulatory reform by implementing a policy that mandates lawmakers must eliminate two regulations for every new one added.
Other regulatory reforms achieved by President Trump include:
- Reversing the “blacklisting” rule which would have subjected small businesses to frivolous allegations of labor law violations, impacting federal contract awards in spite of whether or not the allegations were proven to have occurred.
- Approving Keystone XL and Dakota Access pipelines that will provide hundreds of good jobs and help secure the nation’s energy supply.
- Passing executive orders to alleviate some of the small business burdens associated with the Affordable Care Act and Dodd-Frank.
- Reviewing the “Waters of the U.S.” Rule, which will help farmers and other agricultural businesses with water restrictions.
- Signing an executive order Promoting Energy Independence and Economic Growth which will help keep energy costs lower for small businesses.
JCN founder and co-founder of The Home Depot, Bernie Marcus, had a recent op-ed in Real Clear Politics highlighting President Trump’s achievements so far. Read the op-ed here.
“As Trump hits the hundred day marker, no one’s support is a better litmus test of his success than the small business community,” said Alfredo Ortiz, President and CEO of the Job Creators Network. “Small businesses are the heart of the country’s economy and their support of President Trump demonstrates that his tenure so far has been successful.”