In 1994, the meaning of the vows “for richer, for poorer” changed dramatically for me. My wife and I decided to gamble everything on our dream of starting a business together. Just 45 days away from losing it all, we sold our wedding silver and everything we owned to launch Dunwoody Diamonds USA LLC.
Now, after 30 years, we can proudly say we’ve fulfilled our version of the American Dream. But like many small business owners, we navigated through numerous challenges along the way. We’ve experienced great success, only to face significant losses at times, and there were periods when we were just trying to keep the lights on. The last few years under President Biden have been especially tough for small businesses, particularly those owned by minorities.
Running a small business is never easy, given the myriad taxes like sales, property, payroll, and occupational taxes. President Biden’s regulations added to the already heavy burden. One of the most troubling measures was the so-called “Corporate Transparency Act.” This law forced millions of businesses to file new reports to the federal government or face steep fines, reaching up to $591 a day. For small business owners already struggling, this was just another obstacle in the way of their success.
The implementation of this law could have affected nearly 33 million businesses. Missing the deadlines meant potential fines and penalties many could not afford, further suffocating the spirit of entrepreneurship. For many, the dream of running a successful small business felt almost out of reach.
With the hope for change, small business owners looked forward to President Trump’s potential return to office. On his very first day, he moved swiftly to prioritize the interests of American business, promising to roll back harmful regulations.
President Trump took immediate action, suspending the Beneficial Ownership Information reporting requirements that were set to penalize small business owners. This was a significant relief, as it meant no fines or penalties from the Biden administration’s burdensome rules would be enforced.
As Treasury Secretary Scott Bessent pointed out, this decision was a win for small business owners nationwide. President Trump is committed to reviewing and rolling back unnecessary regulations one by one, ensuring that small businesses are protected, rather than hindered. The focus is now on supporting small businesses while increasing scrutiny on foreign companies.
In his address to Congress, President Trump reaffirmed his dedication to supporting small businesses. Since taking office, he has mandated that federal agencies eliminate ten regulations for every new one introduced.
Furthermore, he has worked to undo the IRS’s expansion under the Biden administration, which had targeted small businesses, and canceled regulations that would have imposed costly energy requirements on them. If those rules had stayed in place, businesses would have faced exorbitant costs just to maintain basic operations.
President Trump is also pushing for fair trade practices through reciprocal tariffs, which is helping to create new jobs and investments in the U.S. In just a month, the February jobs report showed a gain of 10,000 manufacturing jobs, with the private sector now leading job growth.
As someone who has built a successful business, President Trump understands what it takes to reignite the American economy. His vision is one that empowers small businesses by reducing government interference and fostering the entrepreneurial spirit. The dream of America is alive and well, and with the right leadership, it can thrive once more.
