Study: America's Small Business Owners Want Tax Reform to Be Priority No. 1 for Trump Administration
Paychex survey reveals 41% of small business owners see tax reform as the top priority for the Trump administration; 40% want a lower tax rate
According to the latest Paychex Small Business Survey, tax reform is top of mind for small business owners, and it’s the regulatory issue they’d like to see at the top of President Trump’s priority list, too. The new study, conducted in late August 2017 by Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, revealed 41 percent of small business owners want the Trump administration to make tax reform its No. 1 priority.
When asked about the approach to tax reform that would most benefit their business, 40 percent of those surveyed prefer a lower tax rate. Additionally, 27 percent of respondents prefer getting rid of special interest loopholes for large corporations, and 21 percent would like more simplicity in the tax code. Meanwhile, 12 percent say they would not benefit from tax reform.
“President Trump ran on the promise of creating a more business-friendly environment. Our data indicates businesses see changes to the tax code as a top priority, and they’re anxiously awaiting what reform may come over the next several months,” said Martin Mucci, Paychex president and CEO.
In total, the number of small business owners who want tax reform to be the No. 1 priority for the Trump administration is more than the next three priorities combined: repeal/replacement of the Affordable Care Act/Obamacare (15%), infrastructure (15%), and reducing regulations (9%).
When asked if general ambiguity around regulations has negatively impacted their profitability/ability to grow, just over half (55%) said that uncertainty is having at least somewhat of an impact.
For the latest on tax reform and other regulatory issues impacting today’s small business community, visit www.paychex.com/WORX.
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 August 18, 2017 and August 24, 2017 and polled 341 principals of U.S. companies with 1-500 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.