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President-elect Donald Trump is set to take office today, and it’s important for entrepreneurs and small business owners to educate themselves on how his presidency could affect them within his first 100 days in office, Inc. Magazine reports.
First off, Trump’s proposed tariffs mean that small businesses that rely on imported materials or products may face increased costs in the short term. In the long term, certain U.S. industries might benefit from the tariffs because tariffs could make foreign products more expensive and encourage domestic manufacturing.
Second, Trump plans to reduce the number of tax brackets and lower the corporate tax rate to 15%—a simplification that could provide tax relief for small businesses, enabling them to retain more earnings for expansion or reinvestment.
