President Donald J. Trump's Tax Cuts Will Generate Greater Economic Opportunity For All | Eastern North Carolina Now

Press Release:

    "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

    ENCOURAGING ENTREPRENEURSHIP: Small business owners will be able to grow and thrive under the Tax Cuts and Jobs Act.

       •  The Tax Cuts and Jobs Act will help more American entrepreneurs gain the financial footing they need to expand and invest in their futures.

           •  Small businesses which organize as sole proprietorships, S corporations, and partnerships will be able to deduct 20 percent of their qualified business income.

           •  Businesses will be able to fully write off the cost of capital investments for the next 5 years.

       •  Optimism among small business owners continues to soar following the President's signing of the Tax Cuts and Jobs Act into law.

           •  Small business confidence surged to a record high following the passage of tax reform, according to a CNBC/Survey Monkey survey.

           •  Optimism among small business owners remains at a historically high level, according to a National Federation of Independent Businesses (NFIB) survey from March 2018.

    Small business optimism reached an eleven-year high in the first quarter of 2018, according to the Wells Fargo/Gallup Small Business Index.

       •  President Trump's tax cuts will benefit small businesses, including minority-owned businesses, which are a critical driver of our Nation's economic success.

           •  Minority-owned businesses generate more than $1 trillion in economic output annually.

           •  The number of minority-owned businesses is growing at a faster rate than non-minority owned businesses.

           •  Nearly 8 million Americans are employed by minority-owned businesses.

       •  A recent survey by the Chamber of Commerce and MetLife shows that minority-owned businesses are looking forward to even more success in 2018.

           •  93 percent of minority-owned businesses expect to have a good year in 2018 according to the MetLife and Chamber of Commerce Small Business Index.

           •  71 percent of minority-owned businesses are expecting an increase in revenue in 2018.

    GREATER OPPORTUNITY FOR WORKERS: The Tax Cuts and Jobs Act will help spur more business growth and job creation, benefiting American workers.

       •  Businesses are ready to expand as a result of the tax cuts and reforms signed into law by President Trump, creating more employment opportunities for those seeking work.

           •  Expected employment growth for 2018 has reached an all-time high among American manufacturers, according to a National Association of Manufacturers (NAM) survey.

           •  Job creation plans among small businesses remain at a historically high level according to a March 2018 survey by the National Federation of Independent Businesses.

       •  The Tax Cuts and Jobs Act will build upon Administration efforts to revitalize the American economy and increase economic opportunity for all.

           •  More than 2.5 million jobs have been created since President Trump took office.

           •  The unemployment rate has remained at a 17-year low of 4.1 percent since October of last year.

           •  In 2017, Hispanic and African American unemployment rates reached their lowest levels on record.

    REVITALIZING COMMUNITIES: The Tax Cuts and Jobs Act signed into law by President Donald J. Trump will expand economic opportunity in underserved communities.

       •  The Tax Cuts and Jobs Act includes the bipartisan Opportunity Zones Program, which will incentivize investment in economically distressed communities designated as Opportunity Zones.

           •  More than 52 million low-income Americans live in communities that may benefit from the Opportunity Zones Program.

       •  Investments are pooled into Opportunity Funds and deployed into communities where they will help fund new and small businesses, develop blighted properties, finance construction and refurbishment, and more.

       •  On April 9, 2018, the Treasury Department and the Internal Revenue Service (IRS) announced the first round of Opportunity Zone designations for communities in 18 States.

• Contact: White House
•     Press Office