President-elect Trump is taking oath of office on January 20, 2017, and small business owners are weighing in on what priorities they’d most like to see tackled. Paychex recently ran a survey polling more than 400 small business owners that suggested the Affordable Care Act (20%), immigration (17%), and tax reform (16%) are the top three issues they’d like to see the Trump Administration address first.
Affordable Care Act
President-elect Donald Trump made the “repeal and replacement” of the ACA a central tenet of his campaign. The President-elect has said he’d pursue ACA alternatives such as various market-based reforms. The possibilities include:
- More flexible use of health savings accounts;
- Sale of insurance across state lines;
- Making Medicaid a program funded by block grants for the states; and
- Allowing people to deduct the cost of health insurance premiums on their personal income tax returns.
For more information, read Repealing the Affordable Care Act: Potential Business Implications.
Trump has detailed a proposal to put Americans to work building a wall along the Mexican border to stop illegal immigration. He has said he plans to deport all 11 million undocumented immigrants living illegally in the U.S. upon becoming president. He also favors increasing wages for H1-B visas and placing new restrictions for up to six years. He has favored a plan to that would require Americans be hired before such visas would be made available to work skilled immigrants.
Trump has also thrown his support toward a broader mandate for E-verify. Currently, only certain federal contractors are mandated to utilize the otherwise voluntary federal verification system.
The new approached could blend the measures Trump outlined during his campaign to:
- Cuts to business and individual tax rates
- Capping the capital gains rate at 20 percent
- Eliminating the estate tax
- Immediate capital expenses write-off
For more information, read Is Tax Reform Achievable Under Trump’s Administration.
For full survey results, be sure to check out Paychex Small Business Snapshot: Top Priorities for Small Business Owners Under Trump Administration.