“We are going to protect small businesses owners and their families so they can continue to run their companies with dedication and with love.” – President Donald J. Trump
HONORING MINORITY BUSINESS OWNERS: President Donald J. Trump is honoring minority-owned business owners and leading advocates of minority enterprises.
• Today, President Trump welcomes the recipients of the National Minority Enterprise Development Week Awards.
o The awards program celebrates and recognizes the outstanding achievements of minority entrepreneurs, as well as individuals and organizations that have demonstrated leaders in advancing global minority business enterprise.
• Last week, President Trump proclaimed October 22 through October 28, 2017, National Minority Enterprise Development Week, to recognize the contributions of minority owned businesses to our economy.
o The Trump Administration is committed to creating a business climate in which minority business enterprises can thrive and expand.
• Minority-owned businesses are a bedrock of the American economy and will be a critical component in the countries new period of economic revival.
o There nearly a million minority-owned firms employing 8 million American workers.
o Minority-owned firms are growing at a faster rate than non-minority owned firms.
o Minority-owned firms generate over $1 trillion in annual economic output.
o Minority-owned firms export their products at a greater rate than non-minority businesses.
• President Trump has advocated a plan for all minority communities to flourish:
o Great education through school choice and proper higher education funding;
o Financial reforms so all Americans can pursue their dreams and create jobs;
o Trade policies that put jobs back in American communities;
o New infrastructure investment throughout the country, particularly our inner cities;
o Tax reform to jumpstart the American economy.
TAX REFORM FOR MINORITY-OWNED BUSINESSES: The Unified Framework, supported by President Trump, cuts taxes and lowers the cost of tax compliance to unleash the potential of all businesses.
• Under the Unified Framework, any small business incorporated as either a sole proprietor, S corporation, or partnership, will have their top marginal tax rate capped at 25 percent.
• The framework will reduce the corporate tax rate to 20 percent.
• For the next five years, American businesses will immediately be able to fully write off the cost of their heavy equipment and other capital investments.
o This will help American businesses afford the heavy industrial machinery and other capital investments they need to grow.
• The Unified Framework ends the job killing “Death Tax” that currently harms too many American businesses.
o Close to 20 percent of family business owners say planning for the Death Tax affects their ability to create jobs, according to Family Enterprise USA.
o In 2016, family business owners spent an average of $74,940 on insurance for the death tax and $170,800 on other planning costs annually, according to Family Enterprise USA.
• The vast majority of Americans will be able to file their taxes on a single sheet of paper.
o American individuals and businesses spend more than 6 billion hours complying with the tax code, according to the National Taxpayer Advocate.
MINORITY-OWNED BUSINESSES GETTING AHEAD: President Trump has already taken action to remove the regulatory burdens all businesses face, particularly small businesses.
• Small business owners have the highest levels of optimism in over a decade according to Wells Fargo.
• President Trump and his Administration are listening to small business owners.
o In August, President Trump met with over 100 small business owners to reaffirm his commitment to them.
o In February, Ivanka Trump joined a roundtable discussion with minority small business owners at the Greater Baltimore Urban League.
• President Trump signed an Executive Order, which mandates that for every one new regulation, two old regulations must be eliminated in order to control regulatory costs.
• In President Trump’s first six months, there has been the fewest regulations with an economic impact of more than $100 million approved in over twenty years, according to the American Action Forum.