Whether you’re bleeding red or crying blue, President Trump holds the highest office in our nation for the next four years. Accepting this tangible fact is the first step in coming together as a nation. So is President Trump good for business?
The bottom line is that small businesses are suffering. The average small business owner spends approximately $12,000 per year addressing government regulations. Many cannot afford to navigate around these precarious rules. Nearly 14-percent of small business owners spend more than 20 hours a month addressing these time-consuming regulations. This translates into nearly half of all small business owners spending $83,000 or more to handle regulatory costs in their first year of operation.
As an added blow, once small businesses grow to 50 employees, they are required to abide by the Affordable Care Act’s employer mandate. This states that businesses that have 50 or more full-time employees are responsible for providing health insurance to at least 95-percent of their full-time workforce and their dependents, up to age 26. This mandate alone stunted many small employers, striking growing-pain fears into their bottom line profits.
President Trump issued an executive order on January 30 aimed to help reduce small business regulations. Trump stated, “There will be regulation, there will be control, but it will be a normalized control.”
Amid a flurry of controversy, Trump’s presidency is first-page news. He’s checking off his campaign list with an ardent fervor of a businessman. He knows what he wants to accomplish and he’s aiming high. Trump’s promise to loosen regulations, repeal the Affordable Care Act and simplify the tax code is just a few of the subjects he’s tackling.
Trump’s team hopes that by helping small businesses, the U.S. economy will flourish and grow. However, only time will tell if a Trump presidency is a success or bust. I say we give the man a chance to change America. Then we’ll find out if President Trump is good for business. After all, he’s our president for four long years so we may as well make the best of it.
“Life is 10% what happens to us and 90% how we react to it.” – Dennis P. Kimbro
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