Controversial: Florida Business Consulting outlines 4 things businesses must know post-election
It’s fair to say that 2016 has been controversial for political decisions, and with this in mind Florida Business Consulting have explored four post-election business implications.
It’s fair to say that 2016 has been controversial for political decisions, and with this in mind, Florida Business Consulting have explored four post-election business implications.
New President-Elect Donald Trump has made bold promises throughout his year and a half campaign. Now it waits to be seen how the president will introduce new policies linked to immigration, taxation and health insurance. Florida Business Consulting is keen to explore what Donald Trump’s election will mean for businesses.
Paid leave and childcare policies – Donald Trump has proposed the unemployed insurance schemes be expanded and has claimed to guarantee only four weeks paid maternity leave. Trump has, however, offered a tax allowance to provide relief on childcare costs.
Tax reform – With reductions for the wealthy, Trump is looking to simplify the tax brackets from 7 to 3. Trump’s tax changes seem to favor the rich. Business tax relief is said to center around making business more profitable in the US and maintaining a healthy economy through localized business, “this means that a taxpayer earning business income would experience a drop in top tax rate from 39.6 percent to 15 percent under the Trump presidency,” according to Forbes. It also means that under the Trump plan, the difference in top tax rate between paid as an employee (33 percent) and as an independent contractor (15 percent).
Minimum wage hikes – In four states minimum wage hikes have been approved already. Arizona, Colorado, Maine and Washington have all pledged their support for a change in the law, and this looks to be fully integrated by 2020. In further detail:
- Arizona seems to differentiate between large and small businesses, offering higher sick day allowances for bigger companies. Minimum wage will rise from $8.05 to $12 by 2020
- In Colorado, the minimum wage will increase from $8.31 to $12 by 2020.
- In Maine, the minimum wage will rise from $7.50 to $12 by 2020. For tipped workers, it will increase to $5 an hour, with $1 increases until earnings are equal to the general minimum wage by 2024, according to Money.com.
- Voters in Washington state approved a ballot measure to raise the minimum wage from $9.47 to $13.50 an hour by 2020.
Threats of an Obamacare repeal – Obamacare could be seriously under threat as Trump pledges to remove its presence in the US market. Trump states he is removing the burden from small business owners, through administration tasks and premium subsidization. With many promises from team Trump, the transition will be an interesting time as voters look to see how exactly the radical changes are introduced. Based in Miami, Florida Business Consulting specializes in bringing brands and consumers closer together through face-to-face marketing. Working on their clients' behalf, the firm conducts thorough market research to pinpoint the most promising markets for their clients' brands. Then, after identifying key consumer groups, the company delivers their clients' campaigns directly to consumers, opening up the opportunity for one-on-one communication.