After an exceedingly dissenting presidential election, the final winner was Republican candidate, Donald Trump. At present, the billionaire makes history as the first US president never to have served in the military, navy, public office, or to release tax returns. What will be coming up for small business owners in January when Donald Trump enters the White House? How will the guidelines of his administration affect the United States’ 28.7 million small businesses?
There are some very important issues about how small businesses will fare on the subject of minimum wage, taxes, healthcare, and trade policy in addition to other essential economic elements.
Minimum Wage Is A Ballot Winner
The minimum wage was a winner this presidential election in four states. The voters supported ballot proposals gradually raising Colorado, Arizona, and Maine’s minimum wages to $12 by 2020 and the Washington State’s wage down to $13.50 by 2020. Leaders are advocating Congress to follow suit and elevate the minimal outmoded federal wage of $7.25, which involves simply $15,080 a year for full-time workers, supporters say. Almost thousands of small business owners, business organizations and executives have signed Business for a Fair Minimum Wage’s statement holding up a federal minimum wage of at least $12 by 2020.
CEO of Business for a Fair Minimum Wage, Holly Sklar said in a statement, “Four different states passed ballot initiatives today to raise the minimum wage. That speaks much.” US voters understand the minimum wage is just too low and requires a boost. Employees are also customers, and increased wage indicates increased consumer purchasing power and also to lower employee turnover and improved productivity.
Unlocking Capital Access
Hillary’s major running points for small businesses was to give access to business capital to relieve the burden for credit unions and community banks —offering them funding they require to build, grow, and recruit. On the subject of starting businesses, Hillary promised to permit business owners to adjourn student loan payments, without interest, at the same time they get their ventures started. Hillary additionally deliberated to defend small businesses from large businesses using suit obstacles to refuse payment for services, providing recourse to take on rapacious behavior. Trump isn’t probably to take on the later given his business benefited from such practices.
Trump’s “new deal” covered new tax incentives for the inner cities, new microloans for African-Americans to start businesses and hire workers, and a plan to reinvest money from suspended refugee programs in inner cities.
Small Businesses Applaud Trump Presidency
Karen Kerrigan, president and CEO of The SBE Council, ready to work with Trump’s administration, stating that “His plan of lowering taxes and making the tax code simpler, alleviating small businesses of unnecessary regulation and bureaucratic rules, competitive solutions for more low cost health insurance, knocking down the obstacles to capital access and arrangement.