Does President Trump hate small businesses? Read his 2021 budget proposal and decideBy Rhonda Abrams
February 26, 2020
Does President Donald Trump hate small business? If you examine his proposed budget for 2021, that’s the logical conclusion to reach.
Trump is proposing eliminating or drastically cutting aid to small businesses—even when such cuts result in insignificant savings. Trump’s draconian recommended budget cuts would stifle the health and growth of this critical sector of our economy.
Presidential budgets rarely get enacted as proposed, but they are widely seen as reflecting a president’s priorities and values. Taking a look at Trump’s 2021 proposed budget, there’s a clear message to the small businesses of America — whether in blue states or red states: “I’m just not that into you.”
In 2017, Trump proposed — and got enacted — sweeping tax changes, significantly reducing taxes on large corporations and the super-rich. Those tax reductions resulted in huge deficits, increasing the national debt. Trump needs to show that he’s doing something to help pay for his tax giveaways.
Now, you need to understand the scope of the federal budget. The fiscal 2021 budget is $4.8 trillion. That’s TRILLION. America’s national debt is $22 trillion. Shaving off a few million dollars from a very small program does virtually nothing to reduce the debt. But those programs might help hundreds of thousands of small businesses.