Note: As an employee at a small business, you may have a different vantage point on the upcoming election than corporate employees, or even your own supervisors. Over the last few weeks, we’ve explored the future of small business owners and employees in the U.S. based on the platforms of the two major party’s contenders for President of the United States.
Republican Presidential Nominee Donald Trump has probably never held a minimum wage job, but that doesn’t mean he doesn’t want to improve the lives of workers in America. Many small business owners support Trump because of his proposed tax cuts for businesses. And some parts of his economic plan will benefit small business employees in the middle class, as well.
Trump’s website details a platform designed to help out American businesses, but some parts of his platform could also help American workers keep more of the money they earn. If elected President, he hopes — with the support of Congress — to:
Increase the Number of Available Jobs
Immigration reform is one of the most talked about aspects of Trump’s platform. In his own words, though, he sees it as a plan to “improve jobs, wages and security for all Americans.” At the heart of his plan is a program that puts the needs of American job seekers before foreign talents. This includes reforming the H-1B visa program, ensuring workers in the “specialty occupations” from the United States get the first shot at these jobs in growing industries.
Trump also wants to increase the number of available jobs through targeted reviews of certain regulations that may inhibit hiring.
Encourage Better Jobs
Minimum wage has been a hot topic this campaign. While Trump’s beliefs on raising the federal minimum wage are unclear, most sources seem to believe that he does not support an increase. Instead, he would encourage companies to create better jobs, moving middle class workers up the ladder. Neither candidate has spoken out about other changes to the Fair Labor Standards Act (FLSA) or other employment law concerns.
Overhaul the Healthcare System
Trump’s healthcare platform calls for an overhaul of the current U.S. healthcare system, including what amounts to a repeal of the Affordable Care Act. Instead, private health insurance companies would operate in a free market. This would — in theory — reduce costs for individuals who have to purchase their own plans. Trump also believes it would make it easier for employers to provide coverage for employees.
Among the changes Trump would bring include several that would benefit employees of small businesses. These include:
- Eliminating the individual mandate, and ensuring you do not have to pay for coverage unless you want it
- Allow you to deduct the full amount of their health insurance premiums
- Allow anyone to use a Health Savings Account (HSA)
Lower Expenses for the Working Class
Trump claims his economic plan would lower taxes for everyone, and would especially benefit working families. Calling it the “biggest tax reform since Reagan,” Trump’s plan includes reducing the number of tax brackets, streamlining the tax filing process and dramatically reducing the tax burden on many middle class families. One of the most popular aspects of his plan among families is the option to pay child care expenses pre-tax. This would allow many families to keep more of their hard-earned money.
While it remains to be seen if Trump can pull off a win in November, many of his ideas have gained traction among his supporters. Small business owners and employees alike may continue to push for some aspects of Trump’s platforms, no matter the outcome of the 2016 election.