ipl-logo

Donald Trump's Impact On Small Business

722 Words3 Pages

Underappreciated In 2016, Donald J. Trump became president, during his first few months in office, he promised major tax cuts to small businesses and corporations. First in 2016 and then again in late 2017, Trump attempted to place the biggest tax cut for businesses in history. In reality, he cut taxes mainly for large, already rich corporations, instead of the struggling small business community. Before Donald Trump had even begun his journey to become the president of the united states, America had faced severe challenges regarding business taxes. According to Scott Greenberg of Tax Foundation, he says that seventeen years ago George Bush implemented the economic growth and tax …show more content…

This was one of the most consequential tax cuts in United States history; unfortunately, this gave America a surplus of money. Which by some sounds like a good thing but however, that surplus was the people's money that instead of being put back into the economy is was worthlessly piling up. The George Bush administration in 2002 disregarded investors; doing so by cutting corporate taxes and not allowing them to thrive as needed to boost economic growth. Making it hard for Americans to invest in those companies soon lead America to a steep path which contributed to the 2008 recession. Seeing this, Trump decided to boost large corporate growth in an attempt to make America friendly to investors once more. On the contrary, Trump overlooked the potential benefit small businesses could bring to the investment world, leaving them with significantly fewer benefits than their larger competitors. Nevertheless, while Donald Trump was running in 2015, he advocated the support for “mom and pops” businesses. It is clear, if he stays on course with what he is doing as of now, he will fall short of his promises ultimately hurting them in the long run. Small businesses in America are inevitably the …show more content…

America’s small businesses play a vital role in today's economy as a whole; statistically, supported by Patrick Dugan in“Why are small businesses the backbone of America”, they pay out over 44 percent of the countries payroll, solidifying them as a necessity for an economy to succeed. Small businesses are known as economically sufficient ,furthermore, they often introduce more creative ideas into the market than their larger corporate counterparts. This is because they do not have to follow strict guidelines like large companies often do, thereby allowing them to be more creative. In the year 1953, the Small Business Administration (SBA) erected. The SBA is an autonomous U.S government agency which is intended to provide financial aid and guidance to struggling small businesses; however, again by the words of Patrick Dugan, small business gets “little help from the Small Business Administration (SBA)”. Still to this day, the failure rate of small businesses almost reaches 50%. It is clear they not achieving their goal; leaving small business out to dry once

Show More
Related
411 Words | 2 Pages

During the campaign of 1980, Ronald Reagan announced a formula to fix the nation’s economy. He claimed an inordinate tax burden, intemperate government regulation, and huge social spending programs hindered growth. Reagan proposed a 30 percent tax cut for the first three years of his term in office. The bulk cut would be directed towards the upper income levels. The economic theory was called supply-side of trickle-down economics.

Read More
1150 Words | 5 Pages

Although many people doubted this economic move, Reagan knew best, and that the Economic Recovery Tax Act did nothing but buff the economy and government budgets. Many people say that “economic growth has begun to take off”. Reagan Foundation He showed that he could improve the country by doing this, he listened to himself and knew what was best for America and he followed through. He didn’t lie about what he was going to do for the country, like many other presidents

Read More
1143 Words | 5 Pages

4 On August 13th 1981, Reagan signed the Economy Recovery Tax Act in to law.1 In my opinion this act has helped the blue collar American as well as small business owners by lowering their percentage of income tax pay in. On the other hand, it hurt big business and created a double recession scenario. The common man was making more money but was forced to spend more money on the on the same products to allow big business to gain profit.

Read More
1112 Words | 5 Pages

Throughout history, economists have studied the effects of tax rates on the economy. The strong correlation between rates and economic prosperity occurs when tax rates are reduced. Growth rate, as well as living standards generally increase overtime, making tax cuts relatively popular historically. This is why we see major economic booms occur consequently with tax cuts. One prime example is the Roaring Twenties, where tax cuts were the direct cause of enormous economic growth and prosperity.

Read More
695 Words | 3 Pages

Small businesses used to be the backbone of this country now they are in great danger. Small businesses are highly affected by this global financial meltdown because they fall into great financial dept. Many things come into play in this situations. Most small businesses greatly depends on banks to fund their business because most small business owners are every day people looking for the American dream. Due to the financial dependency on the banks small businesses keep asking for more loans from the bank to support their needs for their business and the employees.

Read More
1281 Words | 6 Pages

Donald Trump’s Tax Plan stinks. It is put together without precision or arithmetic and, if passed, will have disastrous implications to the future economy of the United States of America. At a time when income inequality is a serious concern, Trump’s Tax Plan benefits the rich while creating a serious concern with its projected increases in debt and the budget deficit. Corporate and Estate tax cuts would also create problems in the US economy. While Trump believes that his tax cuts will increase spending and help thrive the economy, the debt that will be created will do just the opposite.

Read More
823 Words | 4 Pages

One aspect of Trump’s campaign that is greatly complemented is his economics. According to the New York Times, (Trump Plan Is Tax Cut for the Rich, Even Hedge Fund Managers), Trumps widely accepted tax plan includes; taking on “the hedge fund guys” and their carried interest loophole, Trump believes it is “outrageous” how little tax many multi-millionaires pay, so Trump states that he’d pay for those tax rate reductions by “reducing or eliminating most deductions and loopholes available to the very rich”. Another very large, but less noticed, tax cut in Trump's plan is a reduction on the maximum rate of a “pass through income” to 15 percent, currently this income is taxed at the same rates as wage income, up to 39.6 percent. This cut would greatly affect small business owners nationwide. In addition to offering phenomenal tax cuts to business owners Trump will also make a huge tax cuts for “the middle and upper-middle class.

Read More
545 Words | 3 Pages

To begin with, Trump’s views on taxes and wages are quite confusing. Trump states his goals for taxes and wages but does not ever explain how he plans to achieve them. Trump says that he wants a tax relief for all Americans, especially for the middle class Americans. He says he wants to encourage a growth of jobs in the United States by imposing tariffs on other countries that the United States imports from. Imposing tariffs on imports will encourage Americans to

Read More
1126 Words | 5 Pages

Being the multinational conglomerate the Trump organization is important tools to use include: Globalization, Branding, Leadership Style, Communication, and 5 Whys. I feel this tools will be most helpful breaking down the Trump Organization and answer the question, “Has Donald Trump's presidential campaign negatively affected his business?” globalization will be effective because seeing that The Trump Organization is a multinational conglomerate markets, cultures and tastes all converge accelerating the pace of the business. Globalization is important part of another tool branding because branding is all about a recognizable picture, slogan, or theme thus this makes the Trump Organization better known. Building on branding, branding gives the customers a secure feeling knowing the level of quality they are receive for purchasing Trump organization’s goods and services. Leadership style breaks down the innermost parts of the company does trump and his other advisors lead by an autocratic or democratic style, etc.? Communication is one main reason why the trump organization is being affected because Trump’s campaign for presidency feds into his constant appearance on large networks and television shows.

Read More
1597 Words | 7 Pages

After not even being in office for a single year President Obama was charged with restoring the economy. One of President Obama's first major actions was the American Recovery and Reinvestment Act of 2009, which provided a $787 billion stimulus package to jumpstart the economy. The package included a mix of tax cuts, spending on infrastructure projects, and financial contribution to State and Local governments. The goal of the stimulus was to create jobs, increase consumer spending, and promote long-term financial growth. Another action delivered by President Obama was initiating the: “Making Work Pay tax credit for families with incomes of up to $150,000, providing a credit of up to $400 for individuals and $800 for couples as the economy recovered from the depths of the Recession in 2009 and 2010.”((Economic progress) With the tax return coming back to not just families but individuals, this allowed money to be spent and sent back into the economy helping to lift the economy.

Read More
1365 Words | 6 Pages

President Trump believes that the United States needs to push harder to get into foreign markets. President Trump promised to “Make America Great Again”, but the foreign policy and international budget he has sketched out so far could

Read More
648 Words | 3 Pages

If trumps becomes elected That's going to be very hard for him. Donald Trump with his lack of governmental experience is very experienced as a businessman. Or so he patrases to be, Donald Trump has gone bankrupt 4 times. Told to us by Carroll Lauren From the Tampa Bay Times. Donald Trump is a risky buissnes man that we shouldnt have at peresident.

Read More
729 Words | 3 Pages

Reduce individual rates to three brackets of 12, 25, and 33 percent, with a 0 percent rate for many. Add above-the-line deduction for childcare costs, including for stay-at-home parents.” When he does that he believes that new businesses will start because lower tax, and old ones will expand. He wants to take away jobs from china so we can quit paying them and start getting money for America from America. Trump has a plan to defeat

Read More
713 Words | 3 Pages

I think this is a smart idea to try and implement, because America has one of the highest Corporate Tax Rates in the world. Donald Trump has spent most of his life as a business man, and has many very successful businesses. As a result, creating jobs should be a skillset he has great knowledge

Read More
759 Words | 4 Pages

On the 16th June 2015, Donald J Trump, the real estate mogul and reality television celebrity, announced that he would seek the Republican presidential nomination. According to Trump, the United States is no longer a wealthy country and is facing huge economic problems. Donald Trump promises that if he is elected president he will “make America great again”. The plan that he laid out focuses on building up the military, taking care of veterans, immigration reform, replacing and repealing Obamacare and supposedly defeating the terrorist group ISIS. Many Americans along with the rest of the world appear to believe that the country’s economy is collapsing, and a Trump presidency would help strengthen the economy.

Read More

More about Donald Trump's Impact On Small Business

Related Topics

Open Document