The year 2016 was not a good year because of some major reasons in which some of them are political and social disharmony, an escalation of terrorist violence around the globe and deaths of some renowned cultural icons in the U.S. to name a few. With the emergence of 2017, people including entrepreneurs are keeping their finger crossed for some good changes. By witnessing the current scenario, it is difficult to make predictions about the business world, but still there are some things which business owners can expect this year.
Dodd-Frank Will Be Gutted
Senate Republicans plan to overturn the banking regulation act and there are some main provisions of the act, which includes bank “stress test” and compelling financial institutions to increase their capital reserves as a bulwark against financial crisis of future and also putting restrictions on speculative investments. According to financial experts, eradication of Dodd-Frank’s safety provisions paves the way for another financial crisis.
Increase In Infrastructure Spending
Donald Trump has proposed $1 trillion over the next decade to repair and renew the crumbling infrastructure of the nation, which includes railways, bridges, airports and highways. Some money can be expected from states as well as cities to modernize water systems, repair school buildings and several other neglected public structures.
A Rollback Of The Affordable Care Act
When Donald Trump won the election, Senate majority leader Mitch McConnell said repealing President Obama’s signature health would be the topmost priority of Congress. House Republicans will make use of a repeal and delay strategy and will gut the ACA. ACA replacement plan of House Speaker Paul Ryan would substitute health savings accounts as well as tax credits for the current system of tax penalties as well as subsidies.
According to Vice President of policy for centrist think tank Third Way, Jim Kessler, unpredictability of insurance sector clearly means high rising prices for both employers and employees. Such changeover could play a negative impact on entrepreneurs.
This is a long overdue and in fact, the major overhaul of the tax code was done in the 1980s. Donald Trump comes up with a plan to cut taxes and to squash the code to three tax brackets from seven. As per the president-election plan, top earners need to pay taxes of 33% as opposed to the current top individual rate of 39.6%. in addition, there is also a decline in the corporate taxes to 15%.
Several representatives have put forward numerous tax reform plans over the years, ranging from switching to a consumption tax to closing popular loopholes. The guessing game is on for everyone, but a movement on tax reform can be expected this year.
All these above-mentioned aspects can be expected in the year 2017 and as per a recent survey, several people are looking forward to make a leap into an entrepreneurship and if you are the one who is looking forward to become an entrepreneur then you should prepare yourself for these things.