Regardless of who you voted for in the 2016 U.S. Presidential election, President-elect Donald Trump will soon take office as POTUS. Throughout his campaign, Trump touted his ability to "Make America Great Again". But just how will his presidency really affect small businesses and small business owners? Let's consider the following:
Trump claims that he will be reducing taxes across-the-board, especially for working and middle-income Americans who will “receive a massive tax reduction”. Furthermore, under the “Trump Plan”, there will be some significant revisions to the tax codes for both individuals as well as corporations.
For individuals, Trump plans to repeal the death tax. However, capital gains held until death and valued over $10 million will be subject to tax (in order to exempt small businesses). For businesses, the Trump Plan also includes lowering the business tax rate from 35 percent to 15 percent, as well as eliminating the corporate alternative minimum tax. The reduced rate will be available to both small and large businesses, that want to retain the profits within the business.
It will only be a matter of time before Mr. Trump takes his new position as President of the United States, but only time will tell whether his plan will really lead to tax cuts for all income groups, increase the economy, and grow jobs. To read more about the Trump Plan, click here.
Author: Christian Fong, Esq. is a Miami based business and intellectual property attorney dedicated to assisting entrepreneurs, startups, as well as small and medium-sized companies, in a variety of industries and at all stages of their businesses. He can be reached at (786) 607-3664; firstname.lastname@example.org.
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