The GOP presidential nominee has outlined his economic policies, which include some major sticking points for small business owners.
Donald Trump has vowed to “make America great again.” And one of his first steps, he says, is to recover and strengthen the economy.
American business owners are concerned about how an economic recovery will play out in the face of issues such as taxes, jobs, trade, immigration, minimum wage, and regulation—topics that Trump has talked about at length on the campaign trail. Here’s a closer look at them.
1. Under a Trump presidency, the estate tax would be removed and income taxes would be simplified to three brackets: 12 percent, 25 percent, and 33 percent, the same brackets proposed by House Republicans. (A former proposal by Trump had four brackets at 0 percent, 10 percent, 20 percent, and 25 percent, but it has since been removed from his campaign website.) The proposed top tax rate of 33 percent is 6.6 percent less than the current top tax rate, a fair margin that may be appealing to Americans.
“I am proposing an across-the-board income tax reduction, especially for middle-income Americans. This will lead to millions of new and really good-paying jobs,” said Trump. “The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability as a nation to compete.”
2. In his own words, Trump said he would “be the greatest jobs president that God ever created.” He plans to make this statement true through infrastructure spending, creating more coal and manufacturing jobs, and regulatory reforms. In one of his speeches, Trump said his “tax reforms will add millions of new jobs and thousands of new small businesses.”
“My regulatory reforms will make it easier for small businesses to thrive, including millions of minority-owned businesses and small businesses all across the country.”
He also plans to keep these jobs on U.S. soil. During the Republican primary debate, Trump said he would “bring jobs back from China, Mexico, Japan, Vietnam.”
3. According to The Wall Street Journal, Trump strayed away from his party by calling for a federal minimum wage of $10 an hour. However, Trump still supports the GOP’s position that the minimum wage issue should be handled at the state level, saying, “states should really call the shots.”
4. Probably Trump’s biggest claim to fame is his stance on immigration. Everyone has heard about “the wall,” but what are some of Trump’s other policies on immigration reform?
“As president … I would be very, very tough on the borders, and I would not be allowing certain people to come into this country without absolute perfect documentation.”
*Note: This news coverage does not equate to an endorsement of any candidate by NFIB.
Photo credit: Gage Skidmore