Of the many proposed Trump administration policy changes, new tax reform changes would have the biggest impact on small and medium business (SMB) owners, according to a new survey released today by Business.com of SMB owners nationwide.
Tax reform would have a greater impact than changes to the Affordable Care Act (ACA), The North American Free Trade Agreement (NAFTA), or the Deferred Action for Childhood Arrivals (DACA), survey respondents said.
Other key findings include:
- 49% of respondents see tax bracket change as their biggest tax reform concern, while 30% were more concerned with changes to deductions.
- More than 49% of SMB owners say the ACA has harmed their business, and 70% believe its repeal would have a positive impact on the bottom line.
- SMB owners are less concerned with changes or a repeal to DACA and NAFTA.
- Only 14% of respondents currently take advantage of the free trade tenets of NAFTA, and the majority of those respondents are in the manufacturing industry.
- Only 8% of respondents say DACA has a strong impact on their budgeting, but 25% of respondents did say their customer base would be affected if DACA was repealed.
“Tax policies really impact the bottom line for SMBs, so these business owners are watching Washington closely to see how these reforms play out and what the timeline for implementation might be,” says Doug Llewellyn, President and COO of Purch, which owns and operates the Business.com brand. “Businesses always find uncertainty challenging to navigate, especially tax uncertainly. That’s why Business.com is giving SMBs up-to-date information and access to experts to help them navigate the uncharted tax landscape.”
The Business.com survey ran September 25-29, 2017, with nearly 700 Business.com members across a variety of industries from around the country responding. For more information on the survey, please visit https://www.business.com/articles/tax-reform-biggest-concern-to-smbs/