By Carolyn M. Brown
Black Enterprise, November 9, 2016
After an extremely divisive election and close presidential race, the final winner was Republican candidate Donald Trump. ... How will the policies of his administration affect America’s 28.7 million small businesses? There are critical issues around how small businesses will fare in relation to minimum wage, taxes, healthcare, trade policy as well as other important economic factors.
Minimum Wage Is A Ballot Winner
The minimum wage was a winner this election in four states. Voters supported ballot initiatives gradually raising Arizona, Colorado, and Maine’s minimum wages to $12 by 2020, and Washington State’s wage floor to $13.50 by 2020. Leaders are urging Congress to follow suit and raise the outdated federal minimum wage of $7.25, which comes to just $15,080 a year for full-time workers, advocates say. More than 1,000 business owners, executives, and business organizations have signed Business for a Fair Minimum Wage’s statement supporting a federal minimum wage of at least $12 by 2020.
Holly Sklar, CEO of Business for a Fair Minimum Wage, said in a statement, “Four very different states passed ballot initiatives today to raise the minimum wage. That speaks volumes.” Voters know the minimum wage is too low and needs a boost. Workers are also customers, and increased pay means increased consumer buying power—as well as lower employee turnover and improved productivity." ...