A panel of small business owners discuss their prospects for a second Trump administration during an appearance on “The Big Money Show.”
The anticipation of Donald Trump his return to the White House sparked a wave of optimism on Main Street, according to several post-election polls.
The latest version of the National Federation of Independent Business (NFIB) Small Business Optimism Index jumped 8 points to 101.7 in November as election results indicated a significant shift in the Biden-Harris administration’s economic policy, breaking a 34-month streak of record uncertainty with the highest reading since June 2021.
Former President Trump dances during his campaign rally in Crotona Park in the South Bronx, New York on May 23. Main Street optimism is soaring, according to post-election surveys of small business owners. (James Devaney/GC Images/Getty Images)
This is the first time the figure has exceeded the 50-year average in the last 2.5 years. Of the 10 components of the optimism index, nine increased, none decreased and one remained unchanged last month compared to October.
“In a nutshell, economic policy is important, and there is no doubt that the election results have generated a lot of optimism, that surge of optimism that we saw in our monthly economic survey,” said the president of the NFIB, Brad Close, at “Bloomberg: The Close.” this week.
DC PIZZA SHOP FACES FEEDBACK OVER CONGRATULATIVE TWEET TO TRUMP
“Small business “Homeowners are eagerly awaiting the arrival of an administration that will address the concerns that really concern the little guys – half the American economy – namely tax policy, reducing regulations and reviving the economy ” Close added.
Strategas President Jason Trennert gives his economic outlook ahead of Trump’s return to the White House on “Maria Bartiromo’s Wall Street.”
In the days following election night, the Fiverr platform conducted its own survey of business owners and found that nearly 90% were optimistic about the future, particularly in industries center of the electoral cycle, such as education (92%), finance. (89%) and retail (89%).
Eighty-five percent of respondents told Fiverr they think Trump would make the situation better. economic situation for small businesses, with optimism rates higher among larger organizations, at 89% among businesses with more than 100 employees.
SMALL BUSINESSES ARE STILL STRUGGLING: “I DON’T HAVE TO BRING HOME A SINGLE DOLLAR YET”
According to the survey, both men (85%) and women (83%) business owners remain hopeful in the new administration and look forward to their businesses growing – with nearly 92% of women-led businesses reporting s expect an increase in their income in the new year. .
According to Close, much of the optimism can be attributed to the hope that the tax cuts signed by Trump during his first term will be extended during his second, given that Republicans now not only control the House White, but both houses of Congress.
Republicans took control of the White House and both chambers of Congress in last month’s elections, sparking optimism about the Republican Party’s ability to extend the Trump tax cuts. (Kevin Carter/Getty Images / Getty Images)
“If you look at one of the biggest issues that concerns small business owners, the small business deduction, their ability to deduct 20% of their small business income on their professional taxesit’s huge,” Close told Bloomberg.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“It was created in 2017, right, so the economy took off after this tax bill passed,” he said. “This policy expires in a year. Small business owners know this and they are very optimistic that the new administration – which has said it wants to extend and make this provision permanent – is ready to get on with it.”