Donald Trump became the next US President in January 2016. During the 2016 campaign, he proposed many changes to the US including ones that could affect business planning. Here are some of Yair Hamami ways Trump’s policies could affect business:
- Small Business
Yair Hamami reports Trump has stated that his tax code reforms would affect small businesses. However, it should be noted that he hasn’t proposed any specific changes to them. So it’s unclear how his policies would affect small businesses.
An X-factor is that small companies are often affected by local regulations such as on the state level than via federal laws. However, that’s not to say that Trump’s business/tax policies wouldn’t small businesses. In fact, there’s a chance they could have a significant effect on them.
This was one of the key components of Trump’s 2016 campaign. They included issues such as visas, US/Mexico border, and a Muslim ban.
Trump has called for the ban of US immigrants from several Muslim countries. Several experts believe the backlash could affect the US negatively and result in various Muslim countries deciding to do less business with the US. That could have a drastic effect on the US economy.
There could be other results of the travel ban. It could also result in many Muslim students deciding to attend other foreign universities outside the US. That could be a major effect on the revenue of US universities.
- Health Care
Trump has proposed major changes to the US healthcare system. Yair Hamami reports that during the 2016 campaign he promised to repeal/replace the Affordable Care Act (ACA). The legislation provides health care coverage to about 20 million Americans. While the ACA has some unpopular portions, it’s helped to provide healthcare to employees at small businesses.
Trump and the GOP have unveiled a new health care plan to replace the ACA. However, there’s been much debate about how it would affect the health care industry and US business. Yair Hamami reports that an irony is that the ACA was based on a GOP proposal in the state of Massachusetts.
It’s unclear from Yair Hamami how the proposed health care changes will affect US businesses. However, it’s clear that healthcare is a hot-button issue in the US.
Both political parties agree that reforms are needed, but the debate about what which ones are needed, and especially regarding how they’d affect US businesses. Providing health care coverage to employees can be difficult for small business. On the other hand, when workers aren’t covered it can cause a strain on their personal finances and can have direct and indirect costs for businesses and the US.
Yair Hamami reports these are some of the main ways Trump’s policies could impact the US. It’s clear that many of his proposals could have a major effect on the US. However, time will time how the country will be affected by Trump’s policies. Much of the world is also waiting to see how they policies will affect the global business world.