Beyond Politics, Trump's Handling Of Tax, Health Care Reform Loom Large For Small Businesses

Beyond Politics, Trump's Handling Of Tax, Health Care Reform Loom Large For Small Businesses

Americans should pay more attention to how the country’s 28 million small business owners are responding to Trump’s presidency because he has an outsized impact on their confidence, and their confidence has an outsized impact on the economy and jobs.

The local business community initially responded to Trump’s election with a spike in confidence before whiffs on the Obamacare repeal and tax reform started eroding local merchants’ optimism.

According to our data, Trump’s election is the No. 3 reason for confidence among optimistic owners and the No. 1 reason for concern among pessimists

Trump’s ability to build and maintain small business confidence could have enormous economic consequences, with room for wide swings in either direction.

American merchants will evaluate their new president — and adjust their confidence levels — based on how he prioritizes and approaches tax reform, Obamacare repeal and immigration.

Tax

reform is the policy change small businesses want most of all, and local merchants are twice as likely to say they want tax reform compared to a new national health law

The majority of business owners either don’t expect much impact from health care reform or aren’t going to be impressed by change for change’s sake

Our data revealed that only 2% of small business owners want immigration policy changed as their top priority, ranking below taxes, regulations like inspections and licenses, health insurance, and minimum wage. In fact, small business owners are six times more likely to say they want no policies changed than to say immigration.

Trump’s influence on small business sentiment is a unique opportunity and challenge for our new commander-in-chief. Small businesses will have a considerable say in determining the leadership legacy of our 45th president.