11/21/2024

Six Ways the New Trump Administration Could Impact Your Organization

Here's what the policies could mean for your operations

As we gear up for another four years of presidency under Donald Trump, let’s consider how his previous policies and potential future stances in areas such as taxation, regulation and economic policy could directly affect small businesses.

1. Tax cuts and incentives

The 2017 Tax Cuts and Jobs Act (TCJA) lowered the corporate tax rate and created a deduction of up to 20 percent for small businesses. Trump seeks to make the act permanent, keeping the current lowered individual tax rates and maintaining the increased standard deduction. Trump recently proposed lowering the corporate tax rate to 15 percent from 21 percent for businesses manufacturing domestically.

However, key proposals within Project 2025 suggest rolling back several federal support programs that currently benefit small businesses. This includes eliminating Small Business Administration (SBA) direct lending programs, which support small businesses during natural disasters, as well as cutting SBA initiatives for innovation and entrepreneurial development.

Please select this link to read the complete article from Inc.