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A group of small business owners discuss their vision for Trump’s second administration during an appearance on ‘The Big Money Show.’
The expectation of Donald Trump The return to the White House brought high expectations on Main Street, according to a recent survey.
The latest NFIB news Small Business Optimism Index it jumped 8 points to 101.7 in November with election results showing a major shift in the economy from the Biden-Harris administration, breaking 34 months of high uncertainty and the highest reading since June 2021.
Former President Donald Trump dances during his campaign rally at Crotona Park in the South Bronx on Thursday, May 23, 2024 in New York City. Optimism on Main Street is on the rise according to a survey of small businesses after the election. (James Devaney/GC Images/Getty Images)
This is the first time the reading has risen above the 50-year average in the past 2.5 years. Of the 10 parts 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 results of the elections encouraged a lot of optimism, which appeared to be positive, that we saw in our monthly economic survey,” NFIB President Brad Close told “Bloomberg: The Close,” this week.
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“Small businesses “owners are looking forward to an incoming administration that will address the concerns that the little guys – half of America’s economy – care about the most, and that is tax policy, reducing regulations and getting the economy back on track,” Close added.
Strategas Chairman Jason Trennert gives his financial advice ahead of the Trump White House return to ‘Maria Bartiromo’s Wall Street.’
In the days following the election night, the gig platform Fiverr conducted its survey of business owners, and found that almost 90% were optimistic about the future, especially those in the sectors that are in the middle of the elections, such as education (92%), finance . (89%), and retailers (89%).
Eighty-five percent of respondents told Fiverr that they believe Trump will change economic situation for small businesses, with higher expectations among larger organizations, at 89% among businesses with more than 100 employees.
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According to the survey, men (85%) and women (83%) who own a business remain optimistic about the new management and expect business growth – almost 92% of businesses led by women say they expect an increase in income in the new year. .
The NFIB’s Close said that the high expectations may be due to the hope that Trump’s signature tax from his first term will be increased in his second term, because the Republicans now control not only the White House, but all chambers of Congress.
Republicans took control of the White House and both chambers of Congress in last month’s elections, raising hopes that the GOP will succeed in extending Trump’s tax cuts. (Photo by Kevin Carter/Getty Images/Getty Images)
“If you look at one of the biggest concerns of small business owners, the Small Business Deduction, their ability to deduct 20% of their small business income from their income. business taxesit’s great,” Close told Bloomberg.
“This was created in 2017, right, so the economy started when the taxes were passed,” he said. “The plan lasts a year. Small business owners know that, and they have high hopes that the incoming administration — who has said they want to expand and make the plan permanent — is ready to start there.”
