Trump released a statement to honor the 36 million small businesses across the country. These businesses employ about 45 percent of all American workers and are described as the foundation of the nation's strength.
The message highlights a permanent 20 percent tax deduction for small business owners. It also mentions that many workers are seeing more money in their paychecks because of new policies that eliminate taxes on tips and overtime pay.
The government has suspended a rule that required small businesses to report detailed information about their owners. This move is intended to save businesses 130 billion dollars by reducing the amount of time and money spent on government paperwork.
The administration is focusing on an America First plan to encourage more manufacturing within the United States. The goal is to help local businesses grow faster by removing regulations that the administration considers unnecessary or burdensome.
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Source Information
Document Type
White House Statement
Official Title
Presidential Message on National Small Business Week
