President Trump’s tax reform bill, which was signed into law in December of 2017, is expected to result in more tax savings and more money in the pockets of individuals and businesses. Thus, fueling economic growth, job creation and increased incomes. BizBuySell surveyed 1,100 small business owners and asked their opinion on Trump’s tax plan, whether or not they expect to benefit, and if so, how they plan on using their tax savings.
Small Business Owners Support President Trump’s Tax Reform, Yet Unsure They Will Benefit.
- Over 50% say they support President Trump’s tax reform policies and 48% believe they will benefit small business overall
- Only 39% expect their business to receive any tax savings, while most small business owners are either unsure or expect no savings at all
- Regardless of whether they benefit from President Trump’s tax reform, most believe their businesses will perform better in 2018
Small Business Owners Plan to Use the Majority of Their Tax Savings for Investing in Marketing and Sales or Physical Improvements to Their Business.
- 32% say they will use the majority of it for investing in marketing and sales initiatives, while 21% said they’ll use the majority of it for investing in physical improvements to their business
- 13% say they will use the majority of it to invest in hiring new employees and 11.5% said they will use the majority of it for their current employees
Small Business Owners Who Do Not Expect to Receive Tax Savings Are Much Less Likely to Give Employees Raises and Hire New Workers.
- 57% of those who expect to receive tax savings say they WILL give raises or bonuses to their employees, while 62% of those who do not expect to receive tax savings say they WILL NOT
- 60% of those who expect to receive tax savings say they WILL hire additional employees in 2018, while 70% of those who do not expect to receive tax savings say they WILL NOT
Will small businesses benefit from President Trump’s tax reforms? Yes and no. While almost all small businesses can expect to see their taxes decrease, some parts of the new tax law may impact certain business income thresholds or industries different than others. View the full results of BizBuySell’s small business opinion poll on President Trump’s tax reform policies.