Photo: Naturalization ceremony in Grand Canyon, Credit: Grand Canyon National Park/Wikimedia Commons
American minority-owned businesses are contributing more than one $ 1 trillion in annual economic output, the White House said Tuesday as President Donald Trump honored minority enterprise owners.
The White House also noted that minority-owned firms are growing at a faster rate than non-minority owned firms and they also export their products at a greater rate than non-minority businesses.
“The minority owned-firms generate over $1 trillion in annual economic output,” Office of the White House Press Secretary said.
“We are going to protect small businesses owners and their families so they can continue to run their companies with dedication and with love,” President Donald J. Trump says.
Trump welcomes the recipients of the National Minority Enterprise Development Week Awards.
The awards program celebrates and recognizes the outstanding achievements of minority entrepreneurs, as well as individuals and organizations that have demonstrated leaders in advancing global minority business enterprise.
Last week, President Trump proclaimed October 22 through October 28, 2017, National Minority Enterprise Development Week, to recognize the contributions of minority‑owned businesses to our economy.
“The Trump Administration is committed to creating a business climate in which minority business enterprises can thrive and expand.
“Minority-owned businesses are a bedrock of the American economy and will be a critical component in the countries new period of economic revival,” the White House said.
There nearly a million minority-owned firms employing 8 million American workers.
President Trump has advocated a plan for all minority communities to flourish:
Great education through school choice and proper higher education funding;
Financial reforms so all Americans can pursue their dreams and create jobs;
Trade policies that put jobs back in American communities;
New infrastructure investment throughout the country, particularly our inner cities;
Tax reform to jumpstart the American economy.
In addition, the Unified Framework, supported by President Trump, cuts taxes and lowers the cost of tax compliance to unleash the potential of all businesses, the White House said.
It also offered details of the plan:
Under the Unified Framework, any small business incorporated as either a sole proprietor, S corporation, or partnership, will have their top marginal tax rate capped at 25 percent.
The framework will reduce the corporate tax rate to 20 percent.
For the next five years, American businesses will immediately be able to fully write off the cost of their heavy equipment and other capital investments.
This will help American businesses afford the heavy industrial machinery and other capital investments they need to grow.
The Unified Framework ends the job killing “Death Tax” that currently harms too many American businesses.
Close to 20 percent of family business owners say planning for the Death Tax affects their ability to create jobs, according to Family Enterprise USA.
In 2016, family business owners spent an average of $74,940 on insurance for the death tax and $170,800 on other planning costs annually, according to Family Enterprise USA.
The vast majority of Americans will be able to file their taxes on a single sheet of paper.
American individuals and businesses spend more than 6 billion hours complying with the tax code, according to the National Taxpayer Advocate.
President Trump has already taken action to remove the regulatory burdens all businesses face, particularly small businesses, the White Hous said.
Small business owners have the highest levels of optimism in over a decade according to Wells Fargo.
President Trump and his Administration are listening to small business owners.
In August, President Trump met with over 100 small business owners to reaffirm his commitment to them.
In February, Ivanka Trump joined a roundtable discussion with minority small business owners at the Greater Baltimore Urban League.
President Trump signed an Executive Order, which mandates that for every one new regulation, two old regulations must be eliminated in order to control regulatory costs.
In President Trump’s first six months, there has been the fewest regulations with an economic impact of more than $100 million approved in over twenty years, according to the American Action Forum.
