Any new presidential administration can cause some apprehension on the part of small business owners, whose operations can be affected by even the slightest changes in the legal landscape. And the election of Donald Trump is no different.
While Trump's stump speeches were short on large-scale economic policy, a few planks of his platform can have a tangential affect on small businesses. Here's what could change under future President Trump, and what that means for you.
On the campaign trail, Trump promised to repeal Obamacare. And while he may not have enough votes in the Senate to pull off a complete repeal, he could dismantle key elements of the Affordable Care Act by reducing or eliminating funding.
Any rollback could leave small business owners wondering, once again, what their responsibilities are under federal healthcare laws, and scrambling to comply with ever-changing benefits requirements.
One part of Trump's platform that was never in doubt was his stance on immigration. Between the promise of a wall and threats of mass deportations, Trump has vowed to come down hard on undocumented immigrants. While it appears that the bulk of the crackdown will fall on immigrants themselves -- rather than their employers -- any change in immigration policy can have a big impact on your small business.
Trump also vowed to cut business taxes to 15 percent across the board. This could alter the bottom line for hundreds if not thousands of small businesses, considering some corporate tax rates reach 35 percent and the tax hit for sole proprietors, partners, and corporate shareholders whose business income is reported on their personal returns can be as high as 40 percent.
A blanket tax rate for businesses could simplify tax planning, and the lower tax rate could add to more profits or free up small business to become a little bigger.
To find out how new laws and policies affect your small business, get in touch with a local attorney today.