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How is Black-owned Business Doing in the Trump Economy | Black Voice News
Marisol Beas California Black Media Leo Hickman, the founder of Classy Hippie Tea Company, has been in business for seven years. Hickman said under the current economy "there is monetary value, even if you are losing" because Trump "just put in tax breaks for owners," the American Tax Cuts and Jobs Act, that can be written off. The American Tax Cuts and Jobs Act passed in December and will have some benefits to small business owners. The National Federation of Independent Business says small business owners will be able to file as "pass through entities," which allows owners to file and pay as an individual. In addition, the NFIB says business owners can deduct up to 20 percent of claimable income. According to the NFIM, taxpayers will not have to file deductions to claim the deduction, "and may simultaneously claim this deduction and the standard deduction." Hickman said he started his tea company after backpacking around the world. He noticed how all of the different cultures sat