Donald Trump's Impact On Small Business

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

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

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