Small Business Reaction to State of the UnionFebruary 5, 2020
On the evening of Feb. 4, President Donald Trump delivered his official State of the Union Address where he highlighted his administration’s work on tax reform and trade, among other successes, namely U.S. economic growth, he touted throughout his rallying speech.
Below is a statement from NSBA President and CEO Todd McCracken:
“Although the Tax Cuts and Jobs Act made some important reforms and burden reductions, which NSBA supported, more remains to be done to reduce complexity for small businesses. Congress and the President should move forward to finish the job and ensure simplification, fairness and long-term sustainability Specifically, the rate reductions and reforms for pass-through entities—which will expire in 2025—should be made permanent; currently, only the corporate tax rate cuts are permanent.
“President Trump also underscored the importance of free trade—something NSBA strongly agrees with. We were proponents of the USMCA and applaud the administration’s work in fostering mutually beneficial trade leading to freer markets, fairer trade and robust economic growth.
“The President also underscored the need for bipartisan work on needed investments in our infrastructure, a point that was a key plank in the 2016 campaign and remains unaddressed. We call on our national leaders to work together to make needed investments to ensure economic growth well into the future.
“Finally, the partisan fault-lines our political leaders have so visibly dug their heels into are dangerous in the short-term and will serve as a major detriment to the progress of our country for years to come. Every American ought to expect the same kind of pragmatism from those charged with leading our great nation as that we see every day from our small-business owners. Enough is enough.”
Please click here for more on NSBA’s priorities for policymakers in Washington, D.C.
On Wednesday, Feb. 5 at 2:00 p.m. EST, NSBA will host an issue briefing call for members to get the small-business analysis on the address, the Democratic response and what’s ahead for small businesses in 2020.
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