Arizona comment on today’s release of latest Small Business Economic Trends report
PHOENIX, Ariz., August 14, 2018—Could an initiative that may be on November’s Arizona ballot derail the continued great economic news? That’s the million-dollar question the state’s small-business owners have, following today’s release of the monthly Small Business Economic Trends report from NFIB—a report showing the second-highest level in its 45-year history.
“While Arizona business owners have national and regional economic growth to make them feel good, the threat of the largest tax increase in Arizona’s history looms large over future prospects for small business growth in Arizona,” said Chad Heinrich, NFIB’s Arizona state director. “If voters choose to increase marginal tax rates by up to 98 percent on small business income, the future of Arizona’s economy could be in dire straits. Two out of three taxpayers targeted by this tax increase initiative are small business owners. Entrepreneurs would take the brunt of this tax hike. If passed, this tax increase could derail the Arizona comeback with an income tax rate that’s fifth highest in the nation.”
The NFIB Research Center has collected Small Business Economic Trends data with quarterly surveys since the 4th quarter of 1973 and monthly surveys since 1986. Survey respondents are drawn from a random sample of NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in July 2018. To read today’s SBET news release and the report itself, click here.
“Small business owners are leading this economy and expressing optimism rivaling the highest levels in history,” said NFIB President and CEO Juanita Duggan. “Expansion continues to be a priority for small businesses who show no signs of slowing as they anticipate more sales and better business conditions.”
Adds NFIB Chief Economist William Dunkelberg, “Small business owners have never been so optimistic for so long, helping to power the second longest expansion in history. Despite challenges in finding qualified workers to fill a record number of job openings, they’re taking advantage of this economy and pursuing growth.”
Keep up with the latest on Arizona small-business at www.nfib.com/arizona or by following NFIB on Twitter @NFIB_AZ
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.