40 Percent of Small Business Owners Believe Lower Taxes Should be Top Priority

40% of Small Business Owners Want Tax Reform First from the Government, Before Anything Else

When Republicans in the House of Representatives release their version of a tax cut or tax reform bill today, small business owners across the country will be watching closely.

According to new data from Paychex (NASDAQ:PAYX), 41 percent of all the small business owners recently surveyed say tax reform should be the top priority of President Donald Trump’s administration. It’s the top issue for small business owners, the data reveals.

Almost Half of Small Business Owners Want Tax Reform First, Before Anything Else

President Trump ran on the promise of creating a more business-friendly environment. Our data indicates businesses see changes to the tax code as a top priority, and they’re anxiously awaiting what reform may come over the next several months,” says Martin Mucci, Paychex president and CEO, in a company statement released with the data.

So small business owners would seem to believe tax reform should be more of a priority than any of the other issues asked about in the Paychex Small Business Survey conducted in late-August. Those other issues small business owners believe Trump and Congress should also focus on include the Affordable Care Act/Obamacare (15 percent), infrastructure projects (15 percent), and reducing regulations (9 percent).

A Tax Bill for Christmas?

President Trump has stated he wants to sign a new tax reform bill into law by Christmas this year. He’s made arbitrary deadlines in the past that Congress has failed to meet. Most notable among them has been the inability to pass a repeal of the Obamacare legislation.

Trump tweeted this message on Tuesday, ahead of the Republican legislation being introduced: “The Republican House members are working hard (and late) toward the Massive Tax Cuts that they know you deserve. These will be biggest ever!”

According to the Paychex survey, it appears Trump is right to suggest that tax cuts (or a lower tax rate) should be the first priority in any tax reform package from small business owners’ perspective.

Among those who say tax reform is the top priority, 40 percent say the reform bill should feature a lower tax rate above all else. The next most important priority of the tax bill should be to eliminate the “loopholes” that favor larger corporations over small business.

Twenty-one percent say the tax bill should make the tax code simpler more than anything else. And 12 percent of all responding say that a tax reform bill wouldn’t impact them at all.

To get this data, Paychex surveyed 341 “principals” at small businesses across the country. Not all those responding were Paychex clients, the company says.

Image: Paychex 3 Comments ▼

Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and the Head of Content Partnerships. A journalist with 20 years of experience in traditional and online media, he is a member of the Society of Professional Journalists. He founded his own local newspaper, the Pottsville Free Press, covering his hometown.

3 Reactions
  1. I agree with them and the plan should be to reduce the size of the tax code because the burden in compliance, reporting, etc. is in addition to the actual taxes being paid.

  2. Georg1604e Meredith MD

    America lowers taxes, the stronger and faster our economy will grow. The US has one of the highest corporate tax rates of all industrialized nations.

    Almost all taxes would come way down with the below listed plan. And all else is rhetoric! Forget about the Democrat’s pie in the sky “investments” in health care, high speed rail, solar, wind and biofuels. These are but big government, Chicago type pay to play scams!

    To revitalize our crushed economy, we must sacrifice the sacred cows. The sacred cows being the phony war on drugs, the phony wars in Libya, Syria, Iraq and Afghanistan and the corrupt Medicare and Medicaid health insurance programs.

    Therefore we must, post haste:
    • Repeal Obamacare, immediately….why spend a trillion dollars to buy health care for the 32 million Americans who are currently receiving it for free right now? The looming taxes to support Obama’s socialization of American medicine have sent a negative message to small businesses and financial markets alike. The repeal of Obamacare would send a positive message to these entities.

    • Give current Medicaid and Medicare recipients vouchers and let them purchase whatever health insurance fits their needs…this would cut the cost of these corrupt programs by an amazing 70%…and, would lower the health care costs for the rest of us by a whopping 50%! It’s called “cost shifting” and is the reason your health care costs are currently so high.

    • Enforceable, meaningful deductibles and co-pays would return Medicare and Medicaid patients to the real world medical marketplace! And would simultaneously cut the cost of commercial health insurance for the rest of us by 50%.

    • Recognizing the BCBS scam that Kathleen Sebelius and her lawyer pals ran in Kansas and in most other states, for years: issue a federal mandate that would allow patients to cross state lines, in order to purchase more competitive health insurance.

    • Sell all the government hospitals…Army, Navy, Air Force, VA, US Public Health Service…sell all the government hospitals to the highest bidder…and instead, give this group of patients commercial health insurance vouchers. In many cases, these patients would end up using the same doctors, nurses and hospitals but in more polite, goals oriented, professional settings.

    • Scrap the phony trillion dollar Medicare prescription drug program that Cheney, Rice and the rest of the Bush Crime Family left us with. . Instead, let the seniors buy the safer, much less expensive generic drugs.

    • Scrap the (Chinese) wind farm and gasohol programs. These programs are not, and never will be, cost effective. If economically viable, let them stand on their own…without any government subsidy.

    • Tell OPEC where to get off by imposing an adjustable energy import tax. The less you charge us, the less we tax your products. And vice versa…..

    • Open up the Dakotas, west Texas and elsewhere for more horizontal drilling, in order to tap our nation’s vast untapped natural gas and petroleum reserves.

    • Structure gasoline and diesel road taxes so as to encourage the use of our abundant natural gas resources for surface transportation.

    • Abolish redundant, counterproductive programs: Departments of: Homeland Security, Education, Labor, Energy, Commerce, ATF, IRS, TSA and Federal Courts.

    • Remove all unions from all mass transit in America. Tell transit workers that efficient, privately run mass transit, free of unions, is a matter of national survival.

    • Begin war crime trials for those who corruptly got us into these unconstitutional foreign entanglements. Specifically the Bush Crime Family and the Clinton Crime Family Send such people a message: no more foreign wars when our strategic national interests are not at stake. We can no longer afford to be the world’s policeman.

    • Call a halt to the phony war on drugs and the corrupt judicial-prison industry that it supports. It’s a war on our own citizens. The war on drugs has several purposes, but the main reason is an excuse to beef up the police into a paramilitary force. It’s a total scam. The politicians want to claim they’re tough on crime. We all know, the fact that drugs are illegal drives the price up. High prices create crime.

    Do these things and, bingo, our economy self rights itself almost overnight. Or continue with the Hillary Clinton-Barack Obama pie in the sky programs and we are cooked.

    George Meredith MD
    Virginia Beach

No, Thank You