A group of small business owners discuss their outlook for a second Trump administration during an appearance on “The Big Money Show.”
Prediction of Donald Trump A return to the White House sent a wave of optimism on Main Street, according to multiple post-election polls.
The latest NFIB Small business optimism index It jumped 8 points to 101.7 in November as election results signaled a significant shift in economic policy from the Biden-Harris administration, breaking a 34-month volatility record for the highest reading since June 2021.
Former U.S. President Donald Trump dances at a 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 post-election surveys of small business owners. (James Devaney/GC Images/Getty Images)
This is the first time in the last 2.5 years that this rate has risen above the 50-year average. Out of 10 components of the optimism index, 9 components increased, none decreased and one component remained unchanged in the last month compared to October.
“In short, economic policy matters, and there's no doubt that the election results are driving optimism, that uptick in optimism, that we saw in our monthly economic survey,” NFIB President Brad Close told Bloomberg. “This week
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“Small business “Owners are looking forward to the government addressing the concerns that the little guys — half the American economy — really care about, and that's tax policy, which will reduce regulation and restart the economy.”
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In the days after election night, gig platform Fiverr conducted its own survey of business owners and found that nearly 90% were optimistic about the future, particularly in sectors at the center of the election cycle, such as education (92% ), financial affairs. (89%) and retail (89%).
Eighty-five percent of Fiverr respondents said they believed Trump would improve the situation Economic situation For small businesses, with higher rates of optimism among larger organizations, 89 percent among businesses with more than 100 employees.
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According to the survey, both male (85%) and female (83%) business owners are optimistic about the new government and look forward to business growth – almost 92% of women-led businesses said they expect more revenue in the new year. have .
A source close to NFIB said much of the optimism can be attributed to the hope that Trump's signature tax cuts from his first term will be extended into his second term, given that Republicans now control not only the White House but both houses of Congress. they do
Republicans took control of the White House and both houses of Congress in last month's election, fueling optimism that Republicans will be able to extend Trump's tax cuts. (Photo by Kevin Carter/Getty Images/Getty Images)
“If you look at one of the biggest issues that small business owners worry about, the small business deduction, their ability to deduct 20% of their small business income. Business taxIt's huge, Close told Bloomberg.
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“It was created in 2017, right, so the economy grew after this tax bill passed,” he said. “The policy expires in a year. Small business owners know that, and they're very optimistic that the next administration — which has said it wants to extend it and make it permanent — is ready to start on that.”