President Trump Credits NFIB-Backed Tax Cuts and Regulatory Rollback for Historic Small Business Growth

Date: June 27, 2018

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Trump addressed 700 NFIB members and guests at NFIB's 75th Anniversary and Fly-In in Washington, D.C.

Speaking at NFIB’s 75th Anniversary and Fly-In in Washington, D.C., President Trump told 700 NFIB members and guests that his economic policies have reinvigorated the American economy to historic levels and called small businesses “the engine of the economy.”

The president said small business owners were “the most optimistic in history,” citing NFIB’s Small Business Optimism Index.

NFIB has a proud history of hosting sitting presidents from both sides of the isle at our events. As part of that tradition, Trump addressed the top three of the top 10 issues facing small business–the cost of health insurance, unreasonable government regulations, and federal taxes on business income–according to NFIB’s quadrennial Small Business Problems & Priorities report, the latest of which was released in 2016.

“For many years, Washington tried to hold you back…” Trump said, citing “crippling taxes” and “oppressive regulation.”

Trump hailed the rollback of the Estate Tax, which has long been an NFIB policy priority. “I love the American farmer more than anybody,” Trump said. “They have backed me… The American farmer virtually will not have to pay any more estate tax on their farms… And that goes for almost all small businesses. You won’t have the estate tax to pay any more, which was crippling.”

In addition to introducing President Trump, NFIB CEO and President Juanita Duggan addressed the membership earlier that morning. She recounted NFIB’s pivotal influence on federal policy over the last two years, including working with the White House and lawmakers to make the Tax Cuts and Job Act more friendly to small business.

“We were the ones who stood up for small business when early drafts of the bill did not,” Duggan said. “And the only ones who insisted that there would be no exclusions based on profession or trade. We said, this tax cut must be a tax cut for all.”

Duggan also cited NFIB’s role in defeating the anti-small business Supreme Court nominee Merrick Garland and supporting Supreme Court Justice Neil Gorsuch. She also cheered the passage of tax cuts and a historic slashing of red tape.

Duggan said NFIB briefed Trump during the campaign on potential Supreme Court nominees and tax reform policy. “Making America great again means making small business great again,” Duggan said.

Other administration members in attendance included Secretary Steven Mnuchin, Department of Treasury; Secretary Alex Acosta, Department of Labor; and Administrator Linda McMahon, Small Business Administration.

Trump wished NFIB members a happy 75th anniversary. “I want to thank all of you, the small business owners, who are the engine of American prosperity,” said Trump. “And, you know, I’ve been saying it for a long time, but you really are. You look at even the stats and you look at the numbers. You look at the taxes that are paid. You look at the jobs. It’s all about small business… Small business is really big.”

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