By Wayne Allyn Root
With Donald J. Trump back in charge of America and the U.S. economy, I hear everyone talking about tax cuts. Tax cuts for corporations. Tax cuts for individuals. Tax cuts for the middle class. Tax cuts for everyone and everything- except small business.
And all of that is great. I’ve been fighting for lower taxes my whole adult life. Like my heroes Ronald Reagan and NFL quarterback-turned-New York Congressman Jack Kemp, I’ve never met a tax cut I didn’t like! Tax cuts are good for business. And like the old saying goes…
“The business of America is business.”
I was the original creator and cheerleader for “No Tax on Social Security Benefits” and “No Tax on OT.” I’m thrilled and honored that President Trump adopted both ideas after I sent him my columns in early 2024 (and then lobbied hard for him to adopt them as his campaign themes).
And President Trump has kept his campaign promises- he is pushing for the GOP House and Senate to pass both tax cuts. That’s what makes Trump so special.
These two ideas will serve double duty. They will bring tax relief to “the little guy and gal.” Which will put more money in the pockets of middle-class Americans. And what will they do with this money? They will spend it- a powerful boost to the economy.
That’s always what tax cuts do. People take the money and spend it. That creates more income for businesses, who create new jobs, and hire new employees. That creates higher revenue and therefore higher income taxes, higher payroll taxes, and higher sales taxes. Everyone wins.
But why is no one talking about tax cuts specifically for small business owners?
Small business is “the economic engine of America.” Small independent businesses create most of the private sector jobs and taxes in America. And they are the greatest form of opportunity for middle class Americans.
Starting a small business is the best way to move up in life and live the American Dream. I’m a witness.
I am a S.O.B. (son of a butcher). My grandfather owned the butcher store that my father worked at. That little butcher store turned my grandfather from a penniless immigrant into a self-made upper middle-class businessman, and respected leader of the community. It created jobs. It created income taxes, payroll taxes and sales taxes.
That little butcher store paid for a nice home, nice middle-class lifestyle, and paid for myself and my sister to attend Ivy League Columbia University.
That’s the American Dream.
And my grandfather took his profits from that little butcher store and plowed them right back into America. He bought stocks and held them until the day he died. Those small investments into American companies like IBM, Coca Cola and Exxon helped grow those companies and added millions of jobs to the US economy.
My grandfather and his small business were good for America.
Today we need to create and motivate millions of new small business owners. We need to make starting a small business so attractive that everyone wants to do it. Because if we double the number of small businesses, we will create the greatest economy in history! We will turn millions of Americans from poor to middle class, and from middle class to rich, and leaders in their community. Just like my grandfather.
So, let’s start talking about how to make that happen.
Let’s start thinking about ways to cut taxes specifically for small business owners and small business startups, instead of only talking about corporate tax cuts.
Let me get the party started. Off the top of my head, I can think of three ways to do this.
1. A specific small business startup tax credit. Anyone who starts a new business should get an instant $25,000 tax credit off this year’s taxes. This will encourage millions of Americans to invest in a startup.
2. A specific tax cut just for small business owners. Why not make the first $100,000 of income of any small business tax free? That is a fitting reward for the cost of undertaking the hardest job in the world- starting and running a small business. First, you have to be willing to give up your safe salary and benefits at a corporate job. Then you have to invest your life savings. And you have to be willing to work 24/7.
I’m 63 years old and I’m still a one-man army. I work and think about business 24/7. Ask my wife about that. Owning a small business is the hardest job in the world. It becomes your life 24/7 to take care of your restaurant, dry cleaner, gas station, real estate office, butcher store (or in my case, media business).
Why not give everyone who does this a tax break? The first $100,000 is yours, not governments. That’s a strong incentive for everyone in America to start thinking about starting a small business.
3. Finally, since the income of 90% of small business owners is “passed through” to them personally, let’s lower individual income tax rates dramatically- just like my hero Reagan did. If a 15% corporate tax rate is good enough for big companies, why not individuals? Why is a company more important than any individual American?
Let’s get individual tax rates down to Reagan-era numbers. Under Reagan there were only two simple flat tax rates- 15% and 28%. Not today’s ridiculous, socialist-like 39%.
If President Trump can turn these three goals into reality, he will go down in history as the not only the greatest economic president ever, who created the greatest economy in history, but the greatest president ever for small business and “the little guy and gal.”
That will be the most lasting and positive legacy of President Donald J. Trump.
ABOUT THE AUTHOR: Watch Wayne’s new TV Show, “The ROOT Reaction” weeknights at 10 PM ET/7 PM Pacific on Real America’s Voice TV, and Wayne’s weekend “America’s Top Ten Countdown” on Saturdays at Noon ET/9 AM PT on Real America’s Voice TV. Watch at RealAmericasVoice.com, or at Rumble, Roku, Pluto, Apple, Dish TV Ch 219, or go to RootforAmerica.com to watch. Read Wayne’s latest fun book, “How Democrats Have Made America Great.” It’s 140 blank pages! The joke is on Democrats!
The post WAYNE ROOT: President Trump, Let’s Supercharge Small Business- the Economic Engine of America. That’s More Important Than All the Corporate Tax Cuts in the World. appeared first on The Gateway Pundit.