In a recent government meeting, the President emphasized the critical role of small businesses in the American economy, noting that they employ half of all private sector workers and generate over a trillion dollars in annual revenue. Highlighting their importance as community leaders and mentors, the President expressed a commitment to strengthening small businesses as a top priority.

To support this initiative, the President announced an ambitious goal of facilitating 25 million new small business applications by the end of his first term. Key components of the plan include increasing the startup tax deduction from $5,000 to $50,000, aimed at reducing the financial barriers that many entrepreneurs face when starting a business.

Additionally, the plan proposes providing low and no-interest loans to existing small businesses seeking to expand, while also cutting bureaucratic red tape that complicates the process of starting and growing a business. The President suggested simplifying tax filing for small businesses, drawing a parallel to the now-defunct 1040 EZ form for individuals.

The plan also aims to enhance access to venture capital and support innovation hubs, particularly in rural areas, ensuring that talent across the country can access the necessary resources to thrive. Furthermore, the President called for a fairer tax code, advocating for a billionaire minimum tax and ensuring that large corporations contribute their fair share, with a proposed 28% tax rate on long-term capital gains for those earning over $1 million annually.

This comprehensive approach seeks to foster a more equitable economic landscape, encouraging investment in small businesses and ultimately contributing to a stronger middle class and a more robust American economy.