It is now about one and a half years since Donald Trump took office. According to research, small business owners strongly preferred Trump over his democratic rival Hillary Clinton as their choice for president, but they weren’t overly impressed with either candidate. Since the election, business opinions have shifted even more. Armed with his reform agenda, the president has been categorical in impacting small businesses through the creation of policies which have affected small businesses in New Hampshire and the country at large.
The tax reforms undertaken by the president have seen massive tax exemptions for earners as well as making provisions for reduction of taxation rates. This has put more money into the hands of workers who in turn inject it back into their business. The president’s tax cuts have been a boon to businesses all over the country and have resulted in significant increases in employment and wage growth. Most of the tax reductions have been imposed on middle-income persons who also comprise the small business owners. According to a research conducted on such business owners, about 2 out of every 5 business owners have experienced a positive impact of the tax reforms on their businesses.
Federal and state business regulations are somehow strict against most small businesses. According to a report, most business owners believe that the state regulations are more favorable towards businesses than the federal regulations are. Notably, the state of New Hampshire nearly trails in the survey, showing that state and federal regulations are overly unfriendly to the business owners.
Since the president took office in January last year, there has been a net increase in the employment rates, implying a corresponding dip in unemployment rates. The high rates of employment in the country have been attributed to the fact that most businesses have been able to spare some of their less-taxed incomes to hire more workers. The exemptions in tax have also led to more persons being able to spare some of their income to start their businesses, therefore lowering the unemployment rates.
Trump’s tariff policies have not been popular with most Americans and economists. According to a survey, 75 percent of economists surveyed think that the tariff wars would have a net negative influence on the country’s economy while 12 percent of them think that the reforms would be beneficial to the country. The major concern to this effect is the fact that the US is at loggerheads with most of its trading partners including China. The tariff wars are likely to affect the import-export business for medium and large businesses.
Whereas the president has scored well on the issue of tax reforms and led to high employment rates, the current spate of tariff wars is negatively affected many small businesses. However, with the tariff wars prospected to end soon, small business owners wait to see if the policies would favor them.