New NFIB Problems & Priorities Survey: Inflation, Taxes, and Uncertainty Dominate Concerns for Main Street
New NFIB Problems & Priorities Survey: Inflation, Taxes, and Uncertainty Dominate Concerns for Main Street
August 14, 2024
New NFIB Problems & Priorities Survey: Inflation, Taxes, and Uncertainty Dominate Concerns for Main Street
- Unchanged since 1986, the “Cost of Health Insurance” remains the number one chronic issue for small business owners.
- The “Cost of Supplies/Inventories” moved up in importance from ranking 12th in 2020 to its current second place ranking – a direct result of historic inflation over the last two years.
- The percentage of owners who find it a critical problem increased from 9 percent in 2020 to 20 percent in 2024.
- The “Cost of Natural Gas, Propane, Gasoline, Diesel, Fuel Oil” is the 6th most severe problem cited by small business owners. Nearly one-in-four report it as critical.
- Similarly, “Electricity Costs (rates)” is a top issue for small business owners, ranking 10th in 2024 and reported critical by 16 percent.
- Increasing in importance from 2020, “Interest Rates,” topped the list by rising 43 positions from a rank of 56th in 2020 to 13th in 2024.
- The most severely ranked tax problem is “Federal Taxes on Business Income.” It ranks 4th, down one position from 2020. The Tax Cuts and Jobs Act benefited most small businesses but many still find their federal tax burden a critical problem.
- A quarter of small business owners think it is a critical problem, 5 points higher than four years ago.
- If Congress lets the Small Business Deduction expire at the end of 2025, it will result in a massive tax hike on small businesses and will likely exacerbate the federal tax issue.
- “State Taxes on Business Income,” ranks as the second most severe tax issue. Twenty-two percent report it as critical, up from 19% four years ago.
- “Uncertainty over Economic Conditions” and “Uncertainty over Government Actions” both moved up in importance from 2020.
- Small business owners rank “Uncertainty over Economic Conditions” as the 3rd most severe problem facing their business up from its ranking of 9th in 2020.
- Twenty-two percent of small business owners report it as critical.
- “Uncertainty over Government Actions” ranks 8th and is critical for 23%.
- “Locating Qualified Employees” ranks 5th and is critical for 28%.
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