Debating the “perfect government” for small businesses will also depend on who you’re speaking with. While Republicans will shout to the heavens that a one party government with their party at the helm is good for America, it must also be noted that the last time the nation fell into a recession, it was under the same Republican one party government (2003 – 2007). Despite that, with the selection of Donald Trump, Republicans have the opportunity to redefine their message and operations for Americans, but in particular small businesses.
As Obama leaves office, with America in a solid position for growth, there are many things the government can continue to keep unemployment low and job growth high. Unfortunately, as of now, much of Trump’s rhetoric would change current directions. Some is needed (i.e. parts of Obamacare), but some may antagonize trade allies unnecessarily (i.e. China).
- Obamacare: Trump has said he will keep some parts of Obamacare while making big changes that will make Healthcare “so much better” than its current form. "Trump’s plan would also allow people to buy healthcare across state lines, which he says will increase competition and drive prices down.“
- Creating jobs: According to Forbes, the first step in a Trump administration "is likely to be large expenditures designed to create jobs fixing America’s decaying infrastructure, financed by borrowing or by tax credits for companies that contract to do the work, or a combination of both.”
- Taxes: President Elect Trump wants to completely overall the tax system. Unfortunately this is one of the more difficult issues within a Presidency as tax reform usually effects multiple constituents. "Trump’s proposed tax plan would consolidate the system from the seven current tax brackets to three, with a top marginal tax rate of 25 percent. His plan would also decrease capital gains taxes to a maximum rate of 20%.“
- Trade: This portion is the most difficult to project. As Trump wants to renegotiate trade deals and create an environment more advantageous for American businesses, he may also create discourse between our more ardent partners. Although growth has slowed, a "counter-argument is that job growth in the United States has recovered to a much greater extent than in other countries, partially due to trade agreements being in place.” Whether Trump can truly make life better for American business through new trade deals remains to be seen