President Donald Trump was able to work with Congress to pass landmark tax cuts during his first year in office. While Trump has heralded this as a tremendous achievement, his detractors have claimed the cuts were paltry and will only help the rich. The administration is pushing back against the critics, releasing compelling data showing that the tax cuts will create massive economic benefits as they are fully implemented throughout the economy.
A briefing released by the White House last week points out that small businesses will be able to classify themselves as sole proprietorships, S corporations, and partnerships in order to deduct 20 percent of their qualified business income and that businesses now can write off capital investment costs for the next five years. These reforms will help the U.S. economy immeasurably as the Trump presidency continues.
"We're fighting to give every American — all over the country, every single American — a future of dignity and purpose and of pride," President Donald J. Trump said following the passage of his tax cuts.
Business optimism backs up Trump's ambitious rhetoric. The briefing points out that small business confidence reached a record high following the passage of Trump's tax cuts. The report also mentions that minority-owned businesses are confident and growing as well, showing that a shared prosperity is developing as the result of Trump's tax cuts.