During his campaign, President Trump made three key promises that won over support from both large, medium, and small business. 1) tax reform 2) health care reform and 3) reduced regulations. These three points led to the support of the business community that has sense cautiously watched the current President largely fail on delivery. However, the winds seem to be changing as, with the most recent tax bill seemingly pushed through. Whether this is a turn for the better remains to be seen but it is a good first step.
For tax reform, according to CNBC, the most recent tax “bill includes a 20 percent deduction on income up to $315,000, but service businesses structured as pass-throughs, like doctor’s offices and law firms that earn more than $315,000, are not qualified. This change expires after 2025. Corporations also see a large drop in their rate, from 35 percent to 21 percent beginning in 2018.” The big question now is how the country will pay for such a large tax cut. Expect major entitlement program cuts, increased Federal Reserve rates, and rich people getting richer.
For health care reform, don’t hold your breath. Probably the biggest failure under the Trump Presidency so far has been his inability to make any progress on this front (which will only get tougher now that the Senate is 51 to 49 Republican). Don’t expect anything to come from this for a while unless Trump is willing to make a deal with Democrats in the future.
Lastly for reduced regulation, the Trump administration has done a phenomenal job in terms of marketing and identifying rules to eliminate. From his most recent speech showing the goal to reduce regulation to 1960s levels to his executive order mandating that in order to add a regulation you have to eliminate two, the strategy behind this is pretty good. This is easily the best part of his Presidency so far and should continue for all four years