President Donald J. Trump released a statement on May 3 to mark National Small Business Week, recognizing the contributions of small business owners across the country. In his message, Trump honored entrepreneurs and innovators who he said are essential to American culture and economic growth.
The president said that small businesses have played a central role in the nation’s history for over two centuries. He stated that there are currently 36 million small businesses in the United States, employing more than 45 percent of the workforce. Trump said these individuals support local economies through their determination and hard work.
Trump highlighted recent legislative actions aimed at supporting small businesses, including what he called the "historic One Big Beautiful Bill." According to his statement, this legislation provides permanent tax cuts for working families and job creators, expands opportunity zones to encourage investment in new areas, and increases tax deductions for equipment purchases and business improvements. The president also mentioned making permanent a deduction allowing small business owners to deduct 20 percent of their qualified business income.
"Every day, my Administration is delivering incredible victories for America’s small businesses," Trump said. He added that nearly half of all taxpayers have benefited from provisions such as no tax on tips and overtime under the Working Families Tax Cuts.
The president also addressed regulatory changes designed to help business owners by reducing paperwork requirements. He cited last year’s suspension of enforcement on Beneficial Ownership Information reporting requirements as an example, which he said saved American small businesses nearly $130 billion in compliance costs.
Trump concluded his message by reaffirming his commitment to prioritizing domestic production and supporting American workers: "My America First platform will never cease to strengthen domestic production and expand opportunities for our workers—fueling a new Golden Age for American enterprise."
