Small Business Owners Want Fair Tax System Over Tax Cuts
As lawmakers in Washington consider a plan to cut taxes for corporations and wealthy individuals, it’s important that they take into consideration the perspective of America’s job creators. New scientific opinion polling found small businesses think they are at a disadvantage under the current tax system, and they want tax reform that is fair and responsible.
The poll, conducted for Small Business Majority by Greenberg Quinlan Rosner Research, found small business owners are generally optimistic about economic conditions for small businesses, and want tax reform that levels the playing field for their small business. The poll was an online survey of 500 small business owners conducted between September 29 and October 4, 2017.
Specifically, the poll found more than two-thirds of small business owners (68%) feel the current economic climate is good for small businesses, and 9 in 10 small business owners feel the economic conditions for their business will stay the same or improve over the next 12 months. Notably, healthcare, not taxes, is the top priority for small business owners. When asked to rank their top priorities, small business owners named bringing down healthcare costs, creating a tax system that is fair to all and improving healthcare coverage as the top three concerns.
The poll revealed small business owners are concerned about creating a level playing field when it comes to taxes. Seven in 10 small business owners believe their business is harmed somewhat or a lot when big corporations use loopholes to avoid taxes. What’s more, the vast majority of small business owners (85%) feel the current tax code unfairly benefits large corporations over small businesses. The same majority (85%) feel that corporations and wealthy Americans should be required to pay their fair share of taxes.
Small business owners are generally positive about economic conditions: More than two-thirds of small business owners (68%) have an overall positive outlook on the current economic conditions for small businesses today.
Small business optimistic about economic conditions
Over the next 12 months, do you expect the economic conditions for your business to improve, stay the same, or become worse?
Tax reform is not the top priority for small business owners: When asked to rank their top priorities, small business owners rated healthcare costs as the top concern. The top three issues for small business owners were bringing down healthcare costs, creating a tax system that is fair to all and improving healthcare coverage.
Small business owners feel they are harmed by a tax system that favors large corporations, and want these corporations to pay their fair share of taxes: 7 in 10 small business owners feel that they are somewhat or greatly harmed when big corporations use loopholes to avoid taxes. This is especially significant as 85% of small business owners believe that the current tax code unfairly benefits large corporations over small businesses.
Small business owners feel the current tax system favors big business
Small business owners want tax reform that is fair and responsible: 85% of small business owners want large corporations and wealthy Americans to pay their fair share of taxes. What’s more, 7 in 10 small business owners agree that while tax cuts are important, it is more important that cuts do not increase the federal deficit.