Trump Tax Cuts and Jobs Act and related legislative initiatives have been the subject of numerous discussions since they were signed in 2017. According to D. Trump, tax reform is a key factor in achieving GDP growth of at least 3%. The Act introduces a series of new tax deductions and credits, abolishing some of the old forms of business support. Due to the variety of forms and industries in which small businesses operate, all these incentive measures affect each specific enterprise in different ways. The tax reform has many advantages for small businesses, but there are also a number of drawbacks. However, 37% of company owners surveyed reported a positive impact of the reform on their business. A key objective of Trump’s reform is to encourage businesses to invest in their employees and development.