If you’re excited about the current tax reform plan being debated, you’re not alone.
The Wall Street Journal recently covered a study by Vistage Worldwide, Inc. on the Trump administration’s tax plan, and three-quarters of small business owners said the proposed 15 percent business tax rate is the most important part of the plan.
Other parts of the tax proposal were cited as well: Reducing the number of tax brackets was the top concern for 12 percent of owners, while 5 percent rated repealing the Alternative Minimum Tax (AMT) as most important. Another 5 percent said eliminating the 3.8 percent medicare surtax was their top concern. And 3 percent said eliminating the estate tax was the most important part of the plan.
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NFIB broadly supports the current proposed tax plan and has long advocated for small business rate parity.
“We applaud President Trump for continuing to push for tax reform that would provide relief to businesses of all sizes and structures,” said NFIB president and CEO Juanita Duggan in a press release. “Small business makes up nearly half of the economy and nearly half the jobs. If the goal of tax reform is to boost the economy, then tax reform must start with small business.
The president’s proposal for rate parity would make American businesses immediately more competitive. A low, single business tax would supercharge the economy and create an even playing field for small businesses and large corporations. We are very happy that the White House has listened to small businesses.”
The passage of the administration’s tax plan could have a strong impact on small business optimism in the near future. NFIB’s April Small Business Optimism Index saw the expectation that the economy will improve dip by eight points, and tax reform was rated as the top concern by 21 percent of small business owners.
“The drop in expected business conditions should be a warning to Washington that health care reform, regulatory reform, and tax reform have implications far bigger than politics,” said Duggan of the April release.
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NFIB: Tax Reform Starts with Small Business
Free E-Book: NFIB’s 2017 Small Business Tax Guide