With the goal of growing their businesses and supporting job creation, many Long Island, NY small business owners are hopeful about the new Trump administration’s plans to cut taxes and reduce federal regulations.
Below are some of the changes that business owners would like to see implemented:
- Trump has promised to “repeal and replace” the Affordable Care Act (ACA), popularly known as Obamacare. According to Newsday’s report, the President has signed an executive order requiring federal agencies to ease regulations associated with the ACA. The new administration is working on a plan that promises health savings accounts and tax credits.
- Reduction in the federal regulatory burden, which includes recordkeeping and reporting requirements to comply with food safety requirements and workplace safety standards. Compliance to these regulations can be difficult especially for those in construction and manufacturing industries. Our very own Ben Jackson, the co-owner of Ben’s, believes that it is important to comply with regulations that protect workers and consumers, however, things become difficult when they are overregulated. As he said in an interview, “You do your best to comply, but you live in fear that an OSHA inspector will show up on a job site unannounced. Everyone is in favor of safety, but the fines are so high it’s ridiculous; a minor infraction can cost about $25,000. If a company can’t pay it, it’ll put them out of business.” As reported by Newsday, OSHA increased its fines by about 80%.
- Simplifying the tax code, addressing any discrepancy between corporate and individual rates. As mentioned by Raymond Haller of Grassi & Co., business owners are hoping that both individual and corporate tax rates will be lowered to 15%. If they pay less taxes, they will be able to hire more people, buy more resources and expand their business.
- Small business owners are also expecting for changes in state and local regulations which include zoning laws, state minimum wage, real estate, and energy prices. New York State is believed to be one among the overregulated states.
Read more about what regulations LI business owners would like to repeal here: http://www.newsday.com/business/li-business-owners-wish-list-for-trump-repeal-regulations-1.13151120