For 250 years, American small businesses have been the foundation of our national strength and empowered our citizens to achieve the American Dream. This National Small Business Week, we honor the entrepreneurs, innovators, and dreamers, whose pioneering spirit invigorates our culture, powers our economy, and lifts our communities to new heights.
From the manufacturers of the industrial era to the technology startups of today, American businesses have served as the cornerstone of our prosperity and fortified the strongest workforce in the history of the world. Today, 36 million small businesses span every community of our country—from family farms to neighborhood storefronts—and employ more than 45 percent of our workforce. These hardworking men and women bolster our growing economy through the sweat of their brow and a steadfast determination to forge a brighter future for themselves, their families, and our Nation.
Every day, my Administration is delivering incredible victories for America’s small businesses. Last year, I proudly signed the historic One Big Beautiful Bill, which provides the largest permanent tax cut for working families and job creators, expands opportunity zones to unlock billions in investments for emerging areas, and significantly increases tax deductions for new equipment purchases and business improvements. Most importantly, we made permanent the small business tax deduction, allowing small business owners to deduct 20 percent of their hard-earner qualified business income. Since then, nearly half of all taxpayers have already benefited from the no tax on tips and overtime provisions of the Working Families Tax Cuts—putting more money back in the pockets of hardworking Americans.
At the same time, we are taking bold action to eliminate burdensome and unnecessary regulations so businesses can grow and hire faster, increase productivity, and unleash innovation like never before. As President, I am committed to championing the everyday business owners who drive our local economies, ensuring that they can focus on their craft rather than being burdened with endless paperwork. As an example of this unwavering commitment, my Administration moved quickly last year to suspend enforcement of the burdensome Beneficial Ownership Information (BOI) reporting requirements for American small businesses, saving these small businesses nearly $130 billion in reduced paperwork and compliance costs. Under my leadership, we are again making products on our own shores and putting our jobs, industries, and businesses first. My America First platform will never cease to strengthen domestic production and expand opportunities for our workers—fueling a new Golden Age for American enterprise.
Together, we will restore the American promise and advance the spirit of entrepreneurship that makes our country the land of opportunity.