Minnesota Small Business Owners Celebrate Tax Reform

Date: January 17, 2018

Related Content: News Economy Minnesota

 

In 2018, small business owners are celebrating tax reform and a gangbusters economy.

NFIB’s Small Business Optimism Index declined to 104.9 in December, but 2017 remained the strongest year of the Index yet with an average of 104.8.

“2017 was the most remarkable year in the 45-year history of the NIFB Optimism Index. With a massive tax cut this year, accompanied by significant regulatory relief, we expect very strong growth, millions more jobs, and higher pay for Americans,” said NIFB president and CEO Juanita Duggan

In Minnesota, the economic climate remains far more mixed. The Tax Foundation recently rated the state No. 46 for its business tax climate, among other indexes that routinely rank the state poorly for its high taxes and heavy regulations.

As session is set to begin on Feb. 20, small business owners face some dicey outcomes. “If the Legislature simply conforms the state tax code to its federal counterpart — which has been standard practice in recent years — then state government would collect an additional $813 million in taxes next fiscal year, and $1.49 billion during the two years after that, due to major changes in federal tax law approved late last year by the Republican Congress and President Donald Trump,” according to the Star Tribune.

 

Related Content: News | Economy | Minnesota

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