For two and a half centuries, American small businesses have been a pillar of national strength, enabling citizens to realize the American Dream. In celebration of National Small Business Week, we pay tribute to the entrepreneurs, innovators, and visionaries whose pioneering spirit energizes our culture, fuels the economy, and elevates our communities.
American businesses, from the industrial manufacturers of the past to today’s tech startups, have been the bedrock of our prosperity and have built one of the world’s strongest workforces. Currently, 36 million small businesses operate across the nation, ranging from family farms to local shops, employing over 45 percent of the workforce. These dedicated individuals drive economic growth with hard work and a determination to create a brighter future for themselves, their families, and the nation.
My Administration is consistently achieving remarkable successes for small businesses in America. Last year, I signed the landmark One Big Beautiful Bill, delivering the largest permanent tax cut for working families and business creators. This bill expands opportunity zones to release billions in investments in emerging areas and significantly enhances tax deductions for new equipment and business upgrades. Crucially, we established a permanent small business tax deduction, allowing owners to deduct 20 percent of their qualified business income. Since then, nearly half of all taxpayers have benefited from no taxes on tips and overtime as part of the Working Families Tax Cuts, putting more money in the hands of hardworking Americans.
Simultaneously, we are taking decisive steps to remove unnecessary regulations, enabling businesses to expand and hire more rapidly, increase productivity, and foster innovation. As President, my focus is on supporting everyday business owners who sustain local economies, ensuring they can concentrate on their work without excessive paperwork. Demonstrating this commitment, my Administration quickly suspended the enforcement of the Beneficial Ownership Information (BOI) reporting requirements, saving small businesses nearly $130 billion in paperwork and compliance costs. Under my leadership, we are revitalizing domestic manufacturing and prioritizing our jobs, industries, and businesses. The America First platform remains dedicated to strengthening domestic production and expanding opportunities for workers, ushering in a new era for American enterprise.
Together, we will renew the American promise and nurture the entrepreneurial spirit that defines our nation as a land of opportunity.
