What Is Donald Trump’s Plan for Small Business?

Date: June 24, 2016

Take a look at his proposals for Obamacare, minimum wage, and taxes.

Donald Trump runs multibillion dollar companies, sure. But how would small businesses fare under his watch as president? 

Trump delivered a blistering takedown of his Democratic rival Hillary Clinton on June 22, citing her foreign policy blunders and a sluggish economy as reasons she would be an unfit president and bad for small business owners. Trump says his own experience in the business world would benefit American businesses. Here’s a rundown of his positions on some of the issues that affect small businesses the most.

Donald or Hillary? Get your voice heard this election year. 

Obamacare

Unlike Clinton, who wants to expand the Affordable Care Act, Trump has promised to “repeal and replace job-killing Obamacare” with a new system. Under the new plan, he plans to make health insurance costs tax deductible. Trump’s plan would also allow people to buy healthcare across state lines, which he says will increase competition and drive prices down, Entrepreneur reported

Minimum Wage 

Trump’s position on raising the federal minimum wage has varied since he first spoke about it at a Republican debate in November 2015. He said, “I hate to say it, but we have to leave [the minimum wage] where it is,” according to the Washington Examiner

But recently Trump has shown openness to increasing the minimum wage. In May, he told CNN’s Wolf Blitzer, “I’m actually looking at that…. You have to have something you can live on,” the Washington Examiner reported. This position differs from many conservatives who do not support raising the federal minimum wage and instead believe states or employers should set their own standards. 

Taxes 

The Republican presumptive nominee has railed against the current tax code as detrimental to individuals and small business owners, and he has vowed to make changes as president. In his economic address on June 22, he called the U.S. the “highest taxed nation in the world,” though others have called this misleading or false. 

Trump’s proposed tax plan would consolidate the system from the seven current tax brackets to three, with a top marginal tax rate of 25 percent. His plan would also decrease capital gains taxes to a maximum rate of 20 percent.

*Note: This news coverage does not equate to an endorsement of any candidate by NFIB.

Photo credit: Gage Skidmore

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