Whether you supported Donald Trump or Hillary Clinton, now is the time to start considering the impacts the Trump victory will have on small business regulations in the coming years. There are several key areas president-elect Trump has stated he would target if he won the election. Now that he has, it is worth looking at how changes to these areas could potentially impact small businesses in this two-part series.
In Part I, we will look at some of those issues Trump made it clear he intended to address after being sworn into office. In Part II, we will look at those issues which related to federal minimum wage laws, taxes, and labor regulations.
Obamacare and Trump
Trump has stated on numerous occasions he would repeal Obamacare, which is also known as the ACA (Affordable Care Act). However, this raises some concerns for small business owners. While the ACA has its pitfalls, it has helped millions of people, including small business owners, obtain affordable healthcare insurance. Doing away with Obamacare would seriously impact small businesses.
In addition, to have the ACA repealed, it would require a majority vote in the Senate, which means at least 60 Democrats and Republicans would have to vote yes. The likelihood of this happening is very improbable. Furthermore, the insurance companies have a strong presence through DC lobbying firms and would most likely fight any repeal since they have already invested a large amount of time, money, and effort to implement Obamacare.
It is also worth noting any changes to the ACA would not happen overnight. It would take a few years before any approved changes would take effect. So, in the short run, at least for the next two years, do not expect drastic changes to the ACA.
In the latest statements from Trump, he has varied his objectives about repealing Obamacare. Rather, he is now saying the ACA does have certain areas that need to be overhauled but has promised to keep in place the provision regarding pre-existing conditions and not being denied coverage.
Reversal of Executive Orders
President-elect Trump has stated he would reverse many of Obama’s executive orders once he takes office. Among these are two key ones that have a direct effect on small businesses:
- The EPA’s (Environmental Protection Agency) regulation of private lands’ bodies of water.
- Deportation of illegal minors.
Under Obama, the EPA has been allowed to regulate bodies of water on private land. By overturning this executive order, it would ease some of the current regulations and help certain small businesses. Reversing the second executive order could also help small businesses, as it would mean jobs that potentially could be filled at some point by illegal minors would not occur.
To ensure small businesses’ voices and concerns are heard by those that matter, remember, help is available from LobbyIt and our DC lobbyists. Call us at 202.587.2736 today for more information!