Paychex Small Business Snapshot: Survey Shows 60 Percent of Small Business Owners Approve of President Trump's First 100 Days in Office
According to a recent Paychex poll, 60% of small business owners approve of the work President Trump has done during his first 100 days in the White House. The same study by Paychex, Inc., a leading provider of integrated human capital management services for payroll, human resources, retirement, and insurance services, found that small business owners feel that Trump prioritizing overall job creation, health care reform, and tax reform – in that order – would best support the growth of their business.
“Small businesses continue to be clear on what policy changes would most benefit their future success – overall job creation, tax reform, and health care reform,” said Martin Mucci, Paychex president and CEO. “According to our survey results, President Trump is meeting the expectations of the majority of small business leaders through the first 100 days of his administration.”
“As we recognize National Small Business Week (April 30 – May 6), it’s the perfect time to remind lawmakers – and the public at-large – of the vital role small businesses play in our overall economy. While improved optimism on Main Street can go a long way towards spurring confidence among business owners, it will take action in Washington to ultimately make a difference and lead to hiring,” Mucci added.
Trump’s first 100 days in office focused on many policies that are likely to impact small businesses. Business owners weighed in on some of those topics as part of the Paychex study, which revealed the following:
On policies that will most help their business grow "¦
- 29% - Overall job creation
- 27% - Health care reform
- 25% - Tax reform
- 22% - Support for U.S. manufacturing
- 18% - Immigration reform
On the Affordable Care Act remaining largely in place "¦
- 49% - Positively
- 38% - Negatively
- 13% - No opinion/not sure
On the potential impact of President Trump’s immigration policy on their business’s profitability and ability to grow "¦
- 42% - No impact/not sure
- 39% - Positively
- 19% - Negatively
On how President Trump’s commitment to investing in the U.S. infrastructure (roads, bridges, broadband, etc.) will impact their profitability and ability to grow "¦
- 59% - Positively
- 27% - No impact/not sure
- 14% - Negatively
On which of the following potential changes to the country’s tax structure would benefit their business most "¦
- 41% - Reducing the number of individual tax brackets and rates to 12, 25, and 33 percent
- 36% - Closing tax loopholes that benefit wealthy taxpayers (the Buffet Rule)
- 23% - Lower the pass-through rate on business income for small businesses
On policies that present the biggest barriers to growth "¦
- 48% - Uncertain future of health care
- 47% - Interest rate hike(s)
- 46% - Too many federal regulations and compliance requirements
- 41% - Lack of skilled/trained workers
- 39% - Access to capital
Despite President Trump recently reaching the 100-day milestone, some small business owners remain uncertain about how his administration’s policies may impact the future of their business.
As one survey respondent stated, “I think these are very uncertain times for everyone, especially for business owners. Only time will tell what direction the future will go in.”
While the first 100 days of the new administration have come and gone, for those small business owners who are looking to educate themselves on policies that may impact their future, Paychex employs a team of 70 compliance experts who constantly monitor changes in local, state, and federal regulations on behalf of clients. As such, the company is producing a video series entitled "The Trump Effect: Small Business and Regulation," available on May 11, that features Paychex compliance experts shedding light on topics like tax reform, health care reform, minimum wage, and the Fiduciary Rule and how they may impact small business. Serving as the series host is Gene Marks, renowned small business expert and daily columnist for The Washington Post.
About the Paychex Small Business Snapshot
Data included in the Paychex Small Business Snapshot was taken from the results of the Paychex Small Business Survey, administered by Bredin, a third-party research firm specializing in small business The survey was conducted online between March 31, 2017 and April 8, 2017 and polled 400 principals of U.S. companies with fewer than 500 employees. The group surveyed was not exclusively Paychex clients, but included other small business owners to provide a full view of the small business landscape.
Disclaimer: The data cited in this news release represents the opinions of the survey respondents and not those of Paychex or its employees.