A recent poll from Guidant Financial found that black business ownership under President Trump jumped 400 percent in one year. The poll came as Trump’s approval rating approval rating with African Americans hit 36 percent in a recent Rasmussen Poll.
As reported by Black Enterprise, African American business owners are on the rise. “According to the Minority 2018 Small Business Trends survey, the number of black-owned small businesses in the U.S. increased by a staggering 400% in a year-over-year time period from 2017 to 2018″
The Guidant Financial survey interviewed more than 2,600 business owners and aspiring entrepreneurs and found that 45% of all small businesses in the country are owned by minority ethnic groups in 2018. This is a dramatic uptick from 2015 when the total percentage of minority business owners was 15%. The largest minority group of respondents were African American at 19%, followed by Hispanic at 14%, Asian at 8%, and Native American at 4%.
“Growth amongst all minorities including women is promising in America as small business ownership becomes more favorable and easier to attain,” said Guidant Financial CEO David Nilssen in a statement. “We anticipate and hope to see a continued increase as the impact of tax reform and economic growth shape small business ownership moving forward.”
The massive spike in black business ownership from 2017-2018 came as the GOP tax plan (Tax Cuts and Jobs Act) was signed into law by President Donald Trump in December of 2017. The tax plan is now aiding millions of employees and their families as companies are implementing new benefits an analysis by Americans for Tax Reform reports.
“90 percent of Americans received an immediate tax cut — an increase in after-tax income — with the passage of the Republican tax cuts,” said Grover Norquist, president of Americans for Tax Reform. “And now we see higher rates of growth kicking in for the entire country. More jobs, more opportunities, higher wages, and new businesses. America is back on its way thanks to the tax cuts.”
For example, Firebird Bronze, a small business in Oregon is offering health insurance to its employees for the first time: “We are a small manufacturing business casting artwork for artists in bronze. We have 9 employees and because of the tax cuts and the current business-friendly climate, we are for the first time offering employees health care insurance costing our company 40k per year.”
Additionally, Iron Horse Energy Services Inc., a company in Missouri, will continue to pay 100% of their employees’ health care while thanking the president for being a businessman:
“We were also able to maintain 100% payment of health care even after the astronomical yearly increases created by the Affordable Care Act [Obamacare],” the company said in a statement. “We were looking at considerable employee participation in payment of premiums occurring this year. Thank you, Mr. Trump, for being a businessman.”Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!