America’s Small Businesses Need Tax, Healthcare, Banking Reforms
Our country’s small businesses are hopeful that President Donald Trump’s plans for rolling back regulations and tax reform happen, as they feel both will stimulate the economy.
“When small business owners put more money in their pockets, they hire new people and grow the economy,” Small Business Administration Administrator Linda McMahon said Tuesday on TV.
“They really want tax reform, regulatory reduction, and access to capital. Those are the three main things you will hear from small business.”
President Trump’s plan calls for lowering taxes from 35 to 15% for businesses, and between that, healthcare reform and rolling back banking regulations, small businesses are anticipating growth, said Ms. McMahon.
“When I was traveling around talking to some small businesses, healthcare premiums and healthcare costs were a big, big issue for small business owners,” she said. “Premium costs were a big, big issue for small business owners. Premium costs were doubling at least, sometimes tripling year-over-year and it was really hard for them to provide healthcare.”
Where banks are concerned, President Trump has promised to either adjust or eliminate the Dodd-Frank bill, which would go a long way toward helping small community banks and businesses nationwide,
“The regulatory environment was so strict on the community banks, Mcmahon said. ” Now community banks knew their customers. They knew when they could take a little bit of a risk on that customer. When the new regulations came in it really handcuffed the community banks. I spoke to the community banks yesterday, a little over 200 of them, at the White House. They really are hoping to see this regulatory reform rolled back because they will be able to help small businesses more.”
President Trump’s proposals are creating optimism among the nation’s small businesses, she continued., but they’re still holding back a bit, as tax and healthcare reforms have not yet gone through.”
Ms. McMahon said her experience with their company, the WWE, has prepared her for her role in Washington, DC
“Vince (McMahon) and I started the company, the 2 of us,” she said. “Everything that I have learned, that I brought in, that I can walk the walk, talk the talk with small businesses everywhere … I can advise them through experience.”