Business owners earning at least $1 million got more than one-third of a break for small businesses in the first year of President Donald Trump’s tax overhaul.

Small business owners claimed qualifying deductions on almost $150 billion of income in 2018, according to Internal Revenue Service data released Tuesday. About 35% of that, or just under $53 billion, was claimed by owners reporting at least $1 million in income for the year. Those earning less than $100,000 got just 11% of the tax benefits.

Trump and Republican leaders had said that middle-class Americans and small businesses would be the biggest beneficiaries of the $1.5 trillion tax overhaul, which included a reduction for regular corporate income as well.

The tax break for so-called pass-through businesses applied to a wide swath of firms, from mom-and-pop convenience stores to private equity funds. The 20% deduction can cut the amount of income subject to

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  • Cayla Craft was working as an ER nurse when she realized she didn’t have time to truly help her patients. She started a business that would achieve that goal.
  • Mommy Millionaire is a coaching and lifestyle company that helps women start or grow businesses so they can be financially independent.
  • She teaches her clients to find their passions, monetize them, and stay original in a crowded entrepreneurial field.
  • Visit Business Insider’s homepage for more stories.

 

When Cayla Craft meets with her business coaching clients, she typically starts by asking what they’re passionate about and who they want to serve. 

The goal of her company, called Mommy Millionaire, is to help women and mothers create or scale businesses that excite them. In the two years since launching the company, Craft has perfected her formula for success. 

Craft launched Mommy Millionaire after working for six years as an ER nurse. She wanted

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A few years ago, during one of Rolls-Royce Motor Cars rare test drive events, I found myself asking company officials what would be the trends or metrics it tracks as part of market research for future products.

I was curious to find out how does the pinnacle of luxury on four wheels scope out future millionaire and billionaire customers.

The answer was very interesting — in addition to tracking emerging markets where new wealth creation is active, Rolls-Royce also looks at macro numbers like the possible size of the bequest for the next generation.

That focus on the ‘nexgen’ was one of the reasons for the birth of the Ghost ten years ago and other models like the Drophead Coupe and the two-door Wraith. More compact (relatively speaking for RR), focused on performance and yet retaining the core values of the brand, these cars quickly delivered results. The Ghost has

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  • Cayla Croft grew up poor and had a lifelong mission to help mothers.
  • Her passion turned into a business coaching career focused on women and mothers who wanted to start or scale their own companies.
  • Croft’s secret to success is establishing a powerful vision and getting creative to achieve it.
  • Visit Business Insider’s homepage for more stories.

Cayla Croft’s career path has changed throughout her life, but her goal of helping mothers has never waivered. 

As a child, Croft dreamt of becoming a lawyer to help single mothers, like her own, get child support. In high school, she was encouraged to pursue healthcare and became an ER nurse. Now, in her second act, she’s helping mothers become financially independent through her startup Mommy Millionaire. 

“I always tell people, ‘you are the magic potion or the secret sauce,”’ said Croft, 33, who is also a mother of three. “The more you

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