Survey: Main Street Mixed on Whether Federal Tax Reform Would Benefit their Business
According to the latest Paychex Small Business Survey, business owners on Main Street are nearly split on whether or not federal tax reform would benefit their business. The new study, conducted in late November 2017 by Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, revealed 53 percent of small business owners feel tax reform would not benefit their business, while 47 percent indicate that it would be a good thing for their business.
“Tax reform is an issue that touches millions of American individuals and business owners, but not all small businesses are impacted in the same way,” said Martin Mucci, Paychex president and CEO. “As lawmakers continue to debate what the future of a federal tax overhaul might look like, our research revealed small business owners seem to have different levels of interest given the impacts of tax reform on their specific business.”
Of those small business owners who indicated federal tax reform would benefit their business (47%), 86% acknowledged it will help their business increase profits. Respondents cited several other benefits, including:
- It will allow me to invest in more resources such as equipment, technology, etc. (79% agree)
- It will save me time (67% agree)
- It will allow me to increase wages (65% agree)
- It will allow me to hire more staff (57% agree)
- It will even the playing field with my competitors (57% agree)
- It will allow me to add more locations (47% agree)
“It’s encouraging to see that several of the major benefits cited by the small business owners in our survey sample – namely investing in resources, increasing wages, and hiring more staff – could generate positive economic growth,” Mucci added.
For the latest news on tax reform and other regulatory issues impacting today’s small business community, visit www.paychex.com/worx.
About the Paychex Small Business Snapshot
The Paychex Small Business Survey was administered by Bredin, a third-party research firm specializing in small business. The survey was conducted online between November 17, 2017 and November 23, 2017 and polled 307 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.