A panel of small business owners will appear on “The Big Money Show” to discuss prospects for a second Trump administration.
Expectations that Donald Trump will return to the White House have led to a surge of optimism on Main Street, according to multiple post-election polls.
NFIB’s latest Small Business Optimism Index rose 8 points in November to 101.7, the highest since June 2021, following election results that signaled a significant shift in economic policy by the Biden-Harris administration. , breaking a record 34-month streak of uncertainty. .
Former President Donald Trump dances during a campaign rally in Crotona Park in the South Bronx on Thursday, May 23, 2024 in New York City. Main Street optimism has soared, according to a post-election survey of small business owners. (James Devaney/GC Images/Getty Images)
This is the first time in the past two and a half years that the measured value has exceeded the 50-year average. Of the 10 items in the optimism index, 9 items increased, there was no decrease, and 1 item remained unchanged from October last month.
NFIB Chairman Brad Close said: “Simply put, economic policy matters and there is no doubt that the election results have stimulated much of the optimism seen in our monthly economic survey and that optimism has increased.” There’s no room,” he told Bloomberg: The Close. ” this week.
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“Small business owners are looking forward to an administration that addresses the real concerns of small businesses, which make up half of the U.S. economy, and that includes tax policy, cutting regulations and It’s about getting the economy back on track,” Close said. Added.
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The day after election night, gig platform Fiverr conducted its own poll of business owners and found that almost 90% were optimistic about the future, particularly in education (92%), finance and other areas of the election cycle. This was the case for the managers of the sector that is the center of the industry. (89%), Retail (89%).
85% of respondents told Fiverr that they believe Trump will improve economic conditions for small businesses, with larger organizations being more optimistic at 89% for businesses with 100 or more employees. was high.
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According to the survey, both male (85%) and female (83%) business owners remain excited about the new administration and expect their businesses to grow, with almost 92% of women-led businesses reporting higher profits in the new year. The respondents said they expected an increase. .
NFIB’s Kroes said that given that Republicans now control not only the White House but also both houses of Congress, much of the optimism stems from the possibility that Trump’s signature tax cuts from his first term will be extended into his second term. This may be due to the expectation that
Last month’s election gave Republicans control of the White House and both houses of Congress, sparking optimism that the party could extend the Trump tax cuts. (Photo by Kevin Carter/Getty Images/Getty Images)
“If you look at the small business deduction, which is one of the biggest issues that small business owners are concerned about, the fact that 20% of small business income can be deducted from business taxes is a huge deal.” Close told Bloomberg.
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“This was created in 2017, right? So the economy took off after that tax bill was passed,” he said. “That policy expires in a year. Small business owners know that and are ready to get on board with the next administration, which wants to extend this provision and make it permanent. I’m very optimistic.”
