Small businesses are a key driver of the U.S. economy. When small businesses succeed, so does the U.S. More than 99 percent of U.S. businesses are small businesses, and they employ a full 48 percent of the American workforce.
In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, giving these entrepreneurs and the rest of America’s 30 million small businesses some welcome relief. Most small businesses will now be able to deduct 20 percent off their business income in addition to having their taxable income taxed at lower rates. And for the first five years, they’ll be able to write off investments in new equipment the year the investment is made.
Last month, the Economic Boom under President Trump put small businesses on the cusp of yet another economic record. Small business owner optimism hit a 35-year high in July—just one-tenth of a point shy of the highest level in the survey’s 45-year history. The all-time record was achieved in July 1983 during the height of the Reagan Revolution.
In July 2018, the NFIB’s Small Business Optimism Index marked its second highest level in the survey’s 45-year history, at 107.9 – just shy of the July 1983 record-high of 108.
“Small business owners are leading this economy and expressing optimism rivaling the highest levels in history,” said NFIB President and CEO Juanita Duggan. “Expansion continues to be a priority for small businesses who show no signs of slowing as they anticipate more sales and better business conditions.”
Much like President Reagan, President Trump is shattering old assumptions about America’s economy. The result is a golden age for small businesses, SBA Administrator Linda McMahon writes. “The unemployment rate is a healthy 4 percent, with more Americans entering the job market . . . And for the first time on record, there are more job openings than unemployed people looking for work.”
Additionally, from the U.S. Federal Reserve, optimism about future performance among employer firms reached its highest level in several years according to results from the “2017 Small Business Credit Survey: Report on Employer Firms.” The report focuses on small employer firms, businesses that have between 1–499 full- or part-time employees. The 12 Federal Reserve Banks annually survey small business owners nationwide about their financing and debt needs and experiences.
LEARN MORE >> https://www.fedsmallbusiness.org/
LEARN MORE >> How Entrepreneurs And Low Taxes Create Economic Growth
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