Trump's Potential Impact on Small Businesses and The Economy | Lili Gil on Fox Business

Given Donald Trump’s four-point plan to cut taxes, reduce regulation, unleash the energy sector with low prices, and eliminate the trade deficit from his first day in the White House, he appealed to many small business owners. Trump’s vows to bring jobs back from overseas and promises to dismantle health care and business regulations allowed him to differentiate him as an attractive choice. Peter Navarro, one of Trump’s economic policy advisors, claimed that the lag in entrepreneurship and successful small businesses started with government restrictions. Trump articulated that it was most important to focus on growing GDP to 3.5 percent through deregulation. For small business owners, Trump’s attitude toward the Regulations from the Executives in Need of Scrutiny (REINS) Act was promising as a concrete way to lower the costs of federal regulations, which had risen under President Obama and hopefully streamline the cost to owning a business. Additionally, through his stance, Trump was able to showcase himself as a Washington outsider with a business sense and values in line with traditional Conservative values of small government. This is particularly attractive to small business owners, as the National Small Business Association reports 2 in 5 of the owners of small businesses as Republicans and 95 percent of them as active voters in national elections. Another issue pressuring small business owners has been tax reform. The United States corporate tax is currently 35 percent, the highest in the developed world. During his campaign, Trump promised that all businesses – from large Fortune 500 corporations to tiny family businesses and freelancers – would not pay more than 15 percent of their income in taxes. This particular promise renewed hope for small businesses and entrepreneurs, who had been struggling to pay existing high business income tax rates. Certainly, this election leaves us with many lessons to learn. Polls need to be reconsidered and advanced data extraction techniques and big data should be considered as complimentary technology. Also, Hispanics are not a single-issue community. We are highly entrepreneurial, motivated by a vibrant economy and jobs and ultimately vote for candidates and not for parties. Source: http://latino.foxnews.com/latino/opinion/2016/11/11/opinion-trumps-business-appeal-might-have-made-winning-difference-with/