President Donald Trump, at the recent State of the Union address stated that “Small business confidence is at an all-time high.” While this is a true comment, we at Supplierty News are taking a closer look at what that really means.
Based on SBA data, 30 million small businesses are operating in the U.S., of which 6 million have paid employees. Small businesses as a whole are comprised of immigrants, multi-generational families, men and women, and nearly 8 million minorities. These groups represent about 50% of the country’s jobs.
Small businesses are highly regarded yet their treatment sometimes does not meet expectations. Most of the proposed bills on taxes and employee guidelines follow that of corporate giants like Amazon. When the laws are enacted, small businesses are placed at a disadvantage.
It’s a risky business for owners to use personal funds with the current pressure of increasing minimum wages. This results in a high attrition rate among employees and business closures.
The proposed House bill HB 1515 in Washington State, for example, seeks to penalize entrepreneurs and independent contractors for choosing self-employment and in New Jersey, the licensing requirements for a hair-braider have become arduous.
Despite the top leadership’s efforts to provide tax relief and cut regulations, larger corporations benefited more from corporate tax breaks than the smaller ones.
While it is true that small business confidence it at an all time high, more must be done to ensure that small business owners make a meaningful impact and significant contribution to the economy.