Democrats are pitching a familiar playbook to rally Americans to their side. They claim Republican policymakers are only out to help their “billionaire buddies” at the expense of working families. Those tired, false slogans should ring hollow as Americans begin to reap the benefits of President Donald Trump’s signature legislative achievement: the One Big Beautiful Bill Act.
New polling from the Job Creators Network Foundation reveals that nearly 9 in 10 small businesses are planning to capitalize on at least one of the tax cut provisions included in the new law. What would that look like for workers and the broader economy? A vast majority of surveyed entrepreneurs will use the tax savings to raise employee wages, improve staff benefits, hire more people, expand operations, or invest in their community.
SMALL BUSINESSES MAINTAIN FAITH IN TRUMP, SAY ECONOMY OK
As tax code changes passed during Trump’s first term demonstrated, small business tax cuts create a rising tide that lifts all boats. For example, real wages for working Americans increased at the quickest rate in two decades as job growth accelerated following the 2017 law’s implementation. Several years later, the budget reconciliation bill passed in July is building upon these gains.
The legislation locks in lower, more competitive tax rates for entrepreneurs and makes the 20% deduction permanent for pass-through small businesses, or entities in which the business’s revenue is taxed as the owner’s individual income. These changes give entrepreneurs tax relief and the certainty to plan for long-term growth.
The law also restores and makes permanent 100% immediate expensing for capital equipment, incentivizing investment in new machines and facility upgrades. It’s a particular game-changer for small manufacturers that need the latest cutting-edge equipment to scale up production and keep up with competitors. In fact, a similar provision from the 2017 law that expired years ago preceded the single largest monthly purchase of metalworking machinery in U.S. history.
HM Manufacturing in suburban Chicago is a prime example. The small business, which makes power transmission parts, is purchasing $645,000 worth of new equipment because of the new tax law. The company is also hiring five new team members to help run them and handle the increased production volume.
Meanwhile, Sergio’s Restaurants, based in Miami, will expand to two new locations and hire 100 additional workers over the next year. Restaurateur Carlos Gazitua has emphasized the value of the law’s “no tax on tips” provision. He argues it will put thousands of dollars back into employee pockets and help make open positions more attractive in a competitive labor market.
TRUMP ADMINISTRATION ENDING UNIVERSITY GRANTS THAT PROMOTE ‘RACIAL OR ETHNIC QUOTAS’
He is not alone. According to the polling, 65% of small businesses in the hospitality sector say that “no taxes on tips” and “no taxes on overtime” will make it easier to attract job candidates.
Testimonies like these will begin to sound routine thanks to Trump’s tax cut bill. With millions of other small businesses across the country exploring similar opportunities to grow and strengthen the economy, the law will help to spark a new era of American prosperity that no amount of political noise from left-wing politicians can drown out.
Elaine Parker is president of the Job Creators Network Foundation.
