Trump Celebrates Small Business Week By Hurting Small Businesses
April 30, 2018
Throughout his presidency, Trump has consistently favored big corporations and the wealthiest Americans over small businesses and American workers. As we celebrate Small Business Week, here is a look at a few of the ways Trump has not helped small businesses:
The Trump tax’s “small-business tax cut” does not help most small businesses, and primarily helps wealthy developers and investors, including Trump and his family.
NBC News: “The wealthiest Americans will benefit the most from President Donald Trump’s tax deduction for owners of ‘pass-through’ businesses, according to a congressional report released Monday.”
New York Times Editorial Board: “Republicans argue that this will benefit small businesses. In fact, a large majority of small-business owners already have personal tax rates below 25 percent. This provision would aid a small group of developers, investors and other tycoons who work in professions or industries where it is relatively easy to set up pass-through businesses. Like, yes, Mr. Trump and his family, who make their money from one such industry: real estate.”
A majority of small business owners say the Trump tax favors large corporations over small businesses.
The Hill: “Or, as a new poll by Businesses for Responsible Tax Reform suggests, it could be that there is not much to report because small-business owners don’t expect the law to help them grow their businesses or invest in their employees… 54 percent of small-business owners say the tax law favors large corporations over small businesses. 55 percent of respondents do not believe the law puts small businesses on a level playing field with big businesses.”
Most small business owners say they don’t plan to hire more workers or give raises as a result of the Trump tax.
The Hill: “Or, as a new poll by Businesses for Responsible Tax Reform suggests, it could be that there is not much to report because small-business owners don’t expect the law to help them grow their businesses or invest in their employees. Seven in 10 small-business owners said they would not hire a new employee as a result of the new tax law.”
The Hill: “Or, as a new poll by Businesses for Responsible Tax Reform suggests, it could be that there is not much to report because small-business owners don’t expect the law to help them grow their businesses or invest in their employees… Six in 10 small-business owners said they would not be giving their employees raises.”
Trump’s budget cuts $43.2 million for the Small Business Administration.
Washington Post: “The Trump administration is proposing to cut $43.2 million, or about 5 percent, of the Small Business Administration’s budget.”
Trump’s budget eliminates $12 million work of technical assistance grants and other programs that help small businesses.
Washington Post: “The new plan would eliminate $12 million worth of technical assistance grants and other programs for areas in which the administration thinks the private sector already ‘provides efficient mechanisms’ for small-business development and growth. Among the initiatives on the cutting block are PRIME technical assistance grants, growth accelerators and regional innovation clusters.”