Note: Single-source report; awaiting corroboration.
The President described American small businesses as the foundation of national strength for 250 years, empowering citizens to pursue the American Dream and fueling growth across industries from manufacturing to technology startups. Currently, 36 million small businesses operate nationwide, employing more than 45 percent of the workforce.
The Administration highlighted recent support, including signing the One Big Beautiful Bill, which delivers the largest permanent tax cut for working families and job creators. The law expands opportunity zones, unlocks billions in investments, and increases tax deductions for equipment purchases and business improvements. Importantly, it makes permanent the small business tax deduction, allowing owners to deduct 20 percent of qualified business income.
Regulatory relief measures include suspending enforcement of Beneficial Ownership Information reporting requirements for small businesses, leading to nearly $130 billion in savings through reduced paperwork and compliance costs. The America First platform prioritizes strengthening domestic production and expanding opportunities for American workers and businesses.
The President reaffirmed a commitment to supporting everyday business owners by reducing bureaucratic burdens to foster growth, innovation, and community prosperity.