Six months ago, President Trump vowed that his sweeping tax reform would “bring back Main Street” by slashing taxes on small businesses.

Now that the plan is law, small firms’ enthusiasm for the changes depends on which side of Main Street they find themselves.

The vast majority of larger small businesses with income upwards of $200,000 will tangibly benefit from the legislation, and many are already sharing their windfall with employees and ramping up capital investment. And while most smaller enterprises will come out ahead as well, their gains are marginal in many cases and advocacy groups are divided over whether Trump fulfilled his promise.

Represent...

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