A Trump presidency has many small businesses wondering what new laws will effect them. Although we have yet to receive a full strategy of his policies, here are a few things to take note of as we move forward according to Fortune Magazine.
- Healthcare: Trump has said he will immediately repeal Obamacare once in office. A complete elimination of the healthcare bill seems unlikely as it would eliminate 21 million citizens health insurance as they receive subsides from the government. Instead, look for more subtle changes including allowing "consumers access to federal health savings accounts, and making monthly premium payments fully deductible at tax time.“ and healthcare plans sold across state lines.
- Tax Reform: One of his bigger talking points, Trump is big on lowering taxes for corporations and people at the top of the tax bracket. He will look to "decrease corporate taxes to 15 percent. S-Corps and other pass-through entities like LLCs, would also have a top tax rate of 15%. Trump would go easy on companies that have been stashing cash overseas. Owners would be allowed to repatriate earnings, which would be subject to a one-time 10% tax.” Do not read too much into closing corporate loopholes as lobby groups and Congress still control too much of the system currently.
- Immigration: Oh the great wall of America! Despite the rhetoric, don’t look for Trump to do much of what he said in terms of immigration. The cost of deporting millions of illegal immigrants would go into the trillions and the chance of Mexico paying for a wall is slim. "Trump is likely to start by nixing President Obama’s 2014 executive order" which “would provide a path to citizenship for an estimated 7 million undocumented immigrants.”
- Regulation and Trade: Expect Trump to eliminate alot of regulation for small businesses as well as renegotiate popular trade deals such as NAFTA and TPP.