President Donald J. Trump's Tax Cuts Will Generate Greater Economic Opportunity For All
April 16, 2018
ENCOURAGING ENTREPRENEURSHIP: Small business owners will be able to grow and thrive under the Tax Cuts and Jobs Act.
- The Tax Cuts and Jobs Act will help more American entrepreneurs gain the financial footing they need to expand and invest in their futures.
- Small businesses which organize as sole proprietorships, S corporations, and partnerships will be able to deduct 20 percent of their qualified business income.
- Businesses will be able to fully write off the cost of capital investments for the next 5 years.
- Optimism among small business owners continues to soar following the President's signing of the Tax Cuts and Jobs Act into law.
- Small business confidence surged to a record high following the passage of tax reform, according to a CNBC/Survey Monkey survey.
- Optimism among small business owners remains at a historically high level, according to a National Federation of Independent Businesses (NFIB) survey from March 2018.
- Small business optimism reached an eleven-year high in the first quarter of 2018, according to the Wells Fargo/Gallup Small Business Index.
- President Trump's tax cuts will benefit small businesses, including minority-owned businesses, which are a critical driver of our Nation's economic success.
- Minority-owned businesses generate more than $1 trillion in economic output annually.
- The number of minority-owned businesses is growing at a faster rate than non-minority owned businesses.
- Nearly 8 million Americans are employed by minority-owned businesses.
- A recent survey by the Chamber of Commerce and MetLife shows that minority-owned businesses are looking forward to even more success in 2018.
- 93 percent of minority-owned businesses expect to have a good year in 2018 according to the MetLife and Chamber of Commerce Small Business Index.
- 71 percent of minority-owned businesses are expecting an increase in revenue in 2018.
GREATER OPPORTUNITY FOR WORKERS: The Tax Cuts and Jobs Act will help spur more business growth and job creation, benefiting American workers.
- Businesses are ready to expand as a result of the tax cuts and reforms signed into law by President Trump, creating more employment opportunities for those seeking work.
- Expected employment growth for 2018 has reached an all-time high among American manufacturers, according to a National Association of Manufacturers (NAM) survey.
- Job creation plans among small businesses remain at a historically high level according to a March 2018 survey by the National Federation of Independent Businesses.
- The Tax Cuts and Jobs Act will build upon Administration efforts to revitalize the American economy and increase economic opportunity for all.
- More than 2.5 million jobs have been created since President Trump took office.
- The unemployment rate has remained at a 17-year low of 4.1 percent since October of last year.
- In 2017, Hispanic and African American unemployment rates reached their lowest levels on record.
REVITALIZING COMMUNITIES: The Tax Cuts and Jobs Act signed into law by President Donald J. Trump will expand economic opportunity in underserved communities.
- The Tax Cuts and Jobs Act includes the bipartisan Opportunity Zones Program, which will incentivize investment in economically distressed communities designated as Opportunity Zones.
- More than 52 million low-income Americans live in communities that may benefit from the Opportunity Zones Program.
- Investments are pooled into Opportunity Funds and deployed into communities where they will help fund new and small businesses, develop blighted properties, finance construction and refurbishment, and more.
- On April 9, 2018, the Treasury Department and the Internal Revenue Service (IRS) announced the first round of Opportunity Zone designations for communities in 18 States.
Donald J. Trump, President Donald J. Trump's Tax Cuts Will Generate Greater Economic Opportunity For All Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/335965