5 Ways Trump’s Presidency Has Impacted Small Businesses

A new presidency will always attract change; either good or bad, itstill remains to be seen as the new president implements new policies. As the 45^th president of the United States of America,DonaldTrump was inauguratedinto office on Friday, 20^thJanuary 2017. The administration that President Trump has put in officehas implemented many changes and is proposing many more.

Being a business proprietor, you may be deliberating on the future of your business and exactly what it means to have Donald Trump in office.  For most of the small businesses, perhaps the most significant things on their mindsare how President Trump’s unique and untested strategies and policies will affect them.

It is the norm that any proposals will be overseen by Congress,and there is the possibility that they willbe revised before they are passed (if they are to be passed that is). Therefore owing to the reality that majority leaders in both the Senate and the House of Representatives are Republican, many of the President’s policies arein the offingto become law.Here are at least five ways, provided by a reputable essay writing service, in which President Trump’s new policiesare likely to affect your small businesses, either for the better or worse;

• Taxation
• Healthcare
• Business regulations
• International trade laws
• Minimum wage

• Tax Policies

It’s that time of the yearthat you are required by the government to file your tax returns. The president has proposed fora maximum rate of 15% for S-Corps, the reduction ofthe corporate tax rate to 15%, and a range of 15% to 35% for the current business tax rates.However, this policy may not directly impactmost small businesses, as many of these business owners even now find themselves recompensing 15% or even lesser rates.

The current President is also likely to propose a policy that will simplify the filing procedures for personal income tax rates. If this policy is enacted it would meanthat small business would have a little bit more money to investin starting a new business venture or back into an already existing one.

In addition, if you save yourearningsout of the country, the state will allow you to send home the money you have sent to other countries that will attract a one-time 10% tax. However, President Trump has a plan that will enable him tocounter a loophole that has been the escape for many businesses to skip out on paying their taxes by utilizing overseas banking opportunities.

• Healthcare policies

Repealing the Affordable Care Act was the Republican Party’s campaign promise. Since President Trumps stay in office the Senate has voted to rescind the Affordable Care Act; whereby according to Trumpmost Healthcare matters would be attended to by their respective states and thus be able to buy and sell affordable insurance coversover state lines for the first time. However, this promising arrangement is yet to be put into place or at least proposed.

President Trump is also in support of making the once-a-month premiums tax to be deductible. As a small business owner, if you pay for your employee’s health insurance, the new healthcare conventionshave anegative impact on your workers’insurance coverage, mostly because, many small businesses received coverage under the Affordable Care Act that they may not have had the privilege otherwise.

• Business regulations

For many years now small businesseshave united against what they term as unwarranted and excess regulation. Under a Trump leadership, relief may be only a stone throw away for most small businesses. Some people have estimated that the regulations that were enacted under the Obama presidency since the year 2009 have cost the US small business people billions of dollars yearly. 

President Trump campaigns to review all the government regulations that directly affect American-owned small businesses. Countless small business owners consider any government regulations to be a severe problem thatwill, in the end, affect their profit margins.But until the President proposes his policies, it’sindistinct how considerablythe regulations will be modified.

• International trade laws

President Trump has always been open about his plan to introduce more manufacturing processes inside the US to increase job opportunities. Trumphas strategies to enforce new rates on all outsourced manufactured productsfrom China and Mexico. Also, the president plans to pull the US out of the Trans-Pacific Partnership.

Several small business proprietors are, simply put, uneasy about these, as the use of overseas associates often allowsthem to cut overhead costs. With Trump’s proposal, if you sub-contractmanufacturing, you are likely to pay more to carry on with your presentmanufacturers or switch to a local manufacturer.

• Minimum wage

Higher minimum wageswas effected in several states, including Colorado,Arizona, Washington and Maine went into effect on January 1^st. While Democrats normally support the increase of minimum wage, most people have predicted that this trend will continue with Trump in the oval office. Some small business owners have been against raising the minimum wage, saying it adds to their overhead costs. On the other hand, others say it benefits the economy by offering a more superfluous source of income.