Business Owners Say No to Tax Increases in Deficit Plan, But Will Not Hire if Taxes are Lowered
July 27, 2011 (PRNewswire) Newtek Business Services announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of approximately 1,100 respondents, one of the key findings from July's survey was 64 percent of small business owners do not believe tax increases should be part of the Federal Governments plan to reduce the deficit.
In addition, 58 percent felt that lower taxes would not stimulate hiring for their businesses. The full July 2011 results showed the following:
Yes - 41.6%
No - 58.4%
Do you plan on expanding your business or hiring in the next 12 months?
Yes - 39.6%
No - 60.4%
Do you view the Federally mandated health care act helpful or harmful to your business?
Helpful - 38.9%
Harmful - 61.1%
Should tax increases be part of the Federal Governments plan to reduce the deficit?
Yes - 35.7%
No - 64.3%
Barry Sloane, President and CEO of The Small Business Authority commented, "Small independent business owners that we interviewed clearly favor smaller government and lower taxes. It was clear that business owners believe deficit reduction should be achieved through less spending by the government. Business owners also believe that the federally mandated health care act will be harmful to their business and even prefer the current system which clearly has its limitations.
When you expand American sentiment to a recent poll done by CNN, which includes consumers as well as business owners, it is clear that 66% of Americans prefer a balanced budget amendment and spending caps. Both houses of Congress in the current Reed proposal and current Boehner proposal at the moment have abandoned tax increases. It does appear that simplification of our tax code and removing tax favors and subsidies for our reduced corporate rate is well thought of by most."