Small Business Owners Call for Extension of Trump's Tax Cuts and Reduction of Credit Card Swipe Fees

A recent poll indicates that small business owners are largely in favor of the continuation of former President Trump's tax cuts, with 61% supporting the idea and only 14% opposing it. Moreover, a staggering 79% of respondents wish to see a reduction in credit card swipe fees, highlighting growing concerns over the financial burden these fees impose on their operations. Overall, 59% of business owners express optimism towards Trump's policies, and 64% approve of the cryptocurrency DOGE.

The issue of swipe fees has been significant, as they amounted to more than $187 billion in 2024 alone. During his campaign, Trump expressed intentions to cap credit card interest rates but has yet to take a clear stance on the reduction of swipe fees. Senator Josh Hawley has previously criticized Visa and MasterCard for what he describes as monopolistic behavior, noting their control over 80% of the market. He pointed out that they operate with profit margins exceeding 50%, which ultimately harms small businesses. In Missouri, for instance, the cost of these fees to local businesses is estimated at $1.5 billion annually. Hawley argues that these businesses remain trapped by the current model and feel they have no alternatives available.