Small Businesses Are Thriving Under Trump’s Tax and Regulation Cuts

Written by adminAugust 1, 2018
Life Style

For months, we’ve been hearing that the tax cuts implemented by President Trump weren’t good enough. Last December’s vote was only for the wealthy. Only mega corporations and the wealthiest top 1% had any chance of seeing benefits. Small businesses be damned!

Well, tell that to small businesses all over the country who are now thriving under the new tax code. It’s not just the taxes either, but the removal of numerous job-killing regulations. Combined, they’ve allowed small business in Main Street USA to soar.

Shark Tank Star Says Small Businesses Thriving

Kevin O’Leary of Shark Tank fame spoke on regulation cuts.

“The reduction of regulations has been remarkable in how it has accelerated small business,” he said. “These things are quietly being changed, and I really — I credit the administration for doing this. They’re making it easier to run a small business in pretty well every state I’m involved in. So that’s working.”

Wettlin Treppendahl, owner of Treppendahl Super Foods and 4th generation store owner, spoke to Congress on July 25th.

“The new tax law has had an immediate positive impact on my family business’ ability to invest in our store and local community,” he said.

Also: http://financialhelpers.com/why-are-millennials-still-struggling-to-buy-a-home/

And invest they have. Job numbers are through the roof, and part of that has to do with small businesses reinvesting their money back into their business. Treppendahl said he was able to upgrade his store and hire new employees.

Thankfully, this has a ripple effect throughout whole communities. Not only do more people get work, the act of upgrading his store provided work for local contractors and a refrigeration company. He was able to replace 12 sections of the frozen food aisle. Surprisingly, he also gave raises to his full-time workers.

Growth is Everywhere

Still, we see this unprecedented growth all over the country with similar stories everywhere you look. It is even forcing the big companies to reevaluate their plans to leave the U.S. and decide to reinvest here. Thankfully, Ford was one of those companies who chose to reinvest money into their plants in Michigan.

Gary Ellerhorst, CEO of Crown Plastics in Harrison, OH is ecstatic by the boost in business.

“The recent tax reduction in and of itself will have a positive impact on our employees and our business in 2018 and beyond. Yet, when augmented by reduction in regulation and, most importantly, the hugely positive outlook by business leaders and consumers. Which started the day after the 2016 election, the resulting booming economy takes that positive impact of the tax bill and increases it exponentially,” he said.
Tiberiu Czentye is a Romanian immigrant and CEO of All Pro Solutions. He says the tax and regulation cuts have improved the outlook and optimism of business owners everywhere.

“Until last year, many companies, including us, didn’t want to spend their money,” he said in a statement to Congress. “Because of this big tax cut, any entrepreneur can see the opportunity to invest in its company with the goal to make more money for the company and its employees. Good feeling.”

There is a small concern. These provisions will extend through 2025. Still, the hope is that the tax and regulation cuts will remain permanent, but these issues change with the weather (and with whoever is in office at the time).

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Trump’s Second Round of Tax Cuts are Coming. Here’s What We Know

Written by adminJuly 19, 2018
Politics

If you were worried that the tax cuts implemented this year didn’t do enough to help middle class workers, worry no more.

Yesterday, President Donald Trump met with the Republican House Ways and Means Committee to start work on what he considers the second phase of his tax cut plan.

President Trump received a lot of flak from democrats over his first round of cuts that they say went solely to the rich. Even though 80% of the country saw some type of tax cut, it was intended to help spur business and improve economic growth. It’s done exactly as intended.

Over 430 U.S. companies announced one type of bonus, pay increase, or even 401(k) hikes that have impacted over 4 million Americans thanks to the first round of cuts.

This time around, Trump hopes to focus on the middle-class in what should be a packaged deal of multiple bills. One of those bills involves making all the tax cuts permanent, something the democrats also blasted Trump over.

“That’s very high on everybody’s list and I think you’ll get more bang for the buck on these tax cuts if you do make them permanent,” said Trump’s Economic Director Larry Kudlow

The hope is to boost the average American income by as much as $4,000 per year.

This second round of bills might also help businesses even further by slashing the corporate tax rate even further by dropping it another percentage point, down to 20%. The extra percentage, Trump says, is ‘great stimulus’ to keep the job growth roaring.

While most of us are cheering additional tax cuts, the GOP hopes to do more than put money in American’s pockets. They also want to promote saving.

The report from Northwestern Mutual revealed that 21% of Americans haven’t saved a dime for their retirement and two-thirds simply don’t have enough saved and are expected to run out in the near future.

Republican Kevin Brady of Texas, the House Ways and Means Committee Chair, believes it’s important for the government to help its people be better prepared for their retirement, and it’s an issue that will hopefully be addressed in September with the rest of the tax cuts.

“We are looking at ways where it’s easier for families to save earlier in life and more over time, whether it’s for health care or for retirement,” Brady said. “We think America is not a nation of savers; we want it to be.”

The idea is to potentially create some type of universal savings account designed to grow over time and be tax-free, as well as simplifying the process of withdrawing the money and even making HSAs easier to use.

Pensions are another consideration.

“We want to make sure they’re adequate and they’re secure for the long term. Workers count on that. Businesses count on that to recruit good workers as well,” Brady added in an interview.

There’s still a long way to go between now and actually having the bill passed that is sure too impact the midterm elections. We’ll keep you up to date as this story develops.

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