The Trump Tax Plan Could Hold a Rude Surprise for Very Small Business Owners

Donald Trump has significant plans in mind as far as taxes are concerned. Under his plan, small businesses would be heavily impacted. Trump has said that he is against raising national minimum wage standards and plans to repeal the Affordable Care Act. He does have some plans in place for decreasing the national debt but has not laid out a clear plan at this point.TrumpTax

Business Tax Changes

Donald Trump would create a seriously difficult tax code if elected president. There would be three different tax brackets instead of seven for individuals and a flat corporate business tax rate of 15-percent. Small businesses would be subject to pass-through income, which would also be taxed at 15-percent. Essentially, corporate America would actually end up getting a tax break.

Changes to Healthcare

Presidential candidate Trump has plans to repeal the Affordable Care Act if he is elected. This would mean that employers may become responsible for higher costs for the company-paid portions of medical benefits. The positive here is that employers would be able to seek out options for employees across state lines.

Some of the changes that Trump has planned if elected are beneficial to the American public. In terms of businesses, it may put some in a tough financial position with higher taxes and more responsibility. That could mean the difference between a small mom and pop shop keeping its doors open or having to close down. The changes he has planned are more about benefitting big, corporate businesses and putting small businesses in financial jeopardy.

Image credit: Michael Vadon

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  • Huddleston Tax CPAs / Huddleston Tax CPAs – Shoreline, WA
    Certified Public Accountants Focused on Small Business
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    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
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    We serve: Federal Way, Des Moines, Kent, Auburn, and communities throughout WA and beyond. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.