A panel of small business owners discuss their views on Trump’s second term during an appearance on ‘The Big Money Show.’
Expectations that Donald Trump will return to the White House have led to a surge in optimism on Main Street, according to several post-election surveys.
NFIB’s latest Small Business Optimism Index jumped 8 points to 101.7 in November with election results indicating a major shift in economic policy from the Biden-Harris administration, breaking a 34-month streak of record high uncertainty with the highest reading since June 2021. .
Former President Donald Trump dances at his campaign rally in Crotona Park in the South Bronx on Thursday, May 23, 2024 in New York City. Main Street optimism is rising according to a post-election survey of small business owners. (Photos by James Devaney/GC / Getty Images)
This is the first time that readings have risen above the 50-year average in the last 2.5 years. Of the 10 components of the Optimism Index, nine increased, none decreased, and one was unchanged last month from October.
“In short, economic policy is important, and there is no doubt that the election results have encouraged a great deal of optimism, growing optimism, which we have seen in our monthly economic survey,” NFIB President Brad Close told “Bloomberg: The Close,” this week.
DC PIZZA SHOP FACES BACKBACK FOR SHOWING TRUMP TWEET
“Small business owners are looking forward to an administration that will address the concerns that young children – half of the American economy – really care about, and that is tax policy, reducing regulations and getting the economy back,” Close. added.
Strategas chairman Jason Trennert gives his economic outlook ahead of the Trump White House’s return to ‘Maria Bartiromo’s Wall Street.’
In the days following the election night, the gig platform Fiverr conducted its poll of business owners, and found that almost 90% were optimistic about the future, especially those within the sectors in the middle of the election cycle, such as education (92%), finance. (89%), and shops (89%).
Eighty-five percent of respondents told Fiverr that they believe Trump will improve the economic situation of small businesses, with the highest level of optimism among large organizations, at 89% among businesses with more than 100 employees.
SMALL BUSINESSES ARE STRUGGLING: ‘I HAVE TO BRING ONE DOLLAR HOME’
According to the survey, male (85%) and female (83%) business owners remain optimistic about new management and look forward to business growth – nearly 92 percent of women-led businesses say they expect an increase in revenue in the new year. .
FIB’s Close said much of the optimism can be attributed to the hope that the tax cuts signed by Trump from his first scandal will be extended to the second, as Republicans now control not only the White House, but both chambers of Congress.
Republicans took control of the White House and both chambers of Congress in last month’s election, raising hopes that the GOP would be able to extend Trump’s tax cuts. (Photo by Kevin Carter/Getty Images / Getty Images)
“If you look at one of the biggest issues that small business owners are concerned about, the Small Business Deduction, their ability to deduct 20% of their small business income from their business tax, that’s huge,” Close told Bloomberg.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“That was created in 2017, of course, so the economy improved after that tax bill passed,” he said. “That policy expires in a year. Small business owners know that, and they have a lot of hope that the incoming administration – who say they want to extend and make that provision permanent – is ready to start on that.”
Source link
