Trump’s Work In First 100 Days To Have Lasting Implications For Businesses
On April 29, President Trump reached his 100th day in office. Since President Franklin Roosevelt, a first-term president’s first 100 days in office have been used as a yardstick to measure successes and accomplishments, as the president’s power and influence has been historically at its greatest during its opening months. President Trump’s first 100 days included several executive orders, proposals and other measures that will affect businesses of all sizes.
For most businesses, the most prominent development during President Trump’s first 100 days has been the introduction of a tax reform proposal on April 26 that included a number of potential benefits. These include a reduction of the corporate tax rate to 15 percent, the removal of the Alternative Minimum Tax and a doubling of the standard deduction.
The tax reform proposal also eliminates the estate tax and deductions for state and local taxes, and cuts the number of tax brackets from seven to three—10 percent, 25 percent and 35 percent. While the plan does not specifically mention pass-through income, during the campaign, Trump had said that it would be taxed at the corporate rate.
Also included in the proposal is a “one-time tax” on corporations' overseas earnings. While no percentage was specified in the proposal, President Trump previously suggested 10 percent.
Other accomplishments during the first 100 days include continued movement on repeal or replacement of the Affordable Care Act. An initial attempt, the American Health Care Act, didn’t make it to a vote when House leadership saw that it lacked the support to pass. A revised version of AHCA, modified to answer critiques from the conservative House Freedom Caucus, is currently under review. Its future in the House and Senate is uncertain.
President Trump also appointed Neil Gorsuch to the Supreme Court, filling a vacancy left by the death of Chief Justice Antonin Scalia in 2016. Gorsuch has a pro-business reputation and is considered similar to Scalia in ideology and temperament.
In one of the first acts of his presidency, Trump withdrew the U.S. from the Trans-Pacific Partnership, and on April 26, after first suggesting that the country would withdraw from the North American Free Trade Agreement (NAFTA), he announced that it would be renegotiated with Mexico and Canada.
While Trump has recently downplayed the idea of measuring progress by any standard in the first 100 days, the White House has published a look at his accomplishments so far.