The small-business deduction, which allows owners to deduct up to 20% of their share of the company's income from their individual tax bills, was found to increase employment by 1.2 million jobs a year. It's also important to ensure that small businesses remain competitive with larger rivals. Allowing businesses to fully expense the cost of equipment has been found to increase economic output by about 5% over the long term.

It's important to extend these provisions to avoid a large tax increase on small businesses that would reduce job creation and innovation and lead to slower growth and lower living standards.

A related issue is accounting for research and development expenditures. The 2017 tax law actually raised taxes for companies by requiring these expenses be spread over five years, which raises the cost of capital and disincentives investment. Trump has said he would change this so all expenses, including R&D, can be immediately expensed. This should promote economic growth.