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.”
