Our Research: Taxes, Budget & Economy
Small business owners are the backbone of our economy, yet they feel at a disadvantage when it comes to tax policies, especially those that favor large corporations, and support targeted policies they see as benefitting the vast majority of small firms, not those that only benefit a few.
Small Business Majority’s new national opinion poll of small businesses reveals that they believe they’re not competing on a level playing field in the federal tax system with large corporations. While many small business owners are aware of and take advantage of the 20% pass-through deduction, the benefits of this deduction are skewed in favor of a small number of the wealthiest businesses. As a result, they support several reforms, including a fixed standard deduction. Additionally, entrepreneurs support maintaining increased IRS funding so that they can properly execute their mission to improve customer service and increased audits of wealthy taxpayers and large corporations.
As recent banking closures like the Silicon Valley Bank collapse shake the financial system, Small Business Majority surveyed small business owners and decision-makers around the country to understand their concerns about banking and access to credit.
As entrepreneurs continue to navigate a number of challenges operating their businesses, Small Business Majority surveyed small business owners and managers nationwide to understand their current business conditions and how they may have benefited from federal relief programs. The survey found that nearly two-thirds (65%) of small businesses felt more optimistic about their business prospects for this year's second quarter. Despite this optimism, small businesses are facing a number of challenges, including inflation, supply chain disruptions and workforce shortages.
As lawmakers in Washington consider a robust budget reconciliation package to invest in “human infrastructure” and debate how to pay for this plan, Small Business Majority surveyed small business owners and managers of operations at small businesses around the country to better understand their views on our tax system, as well as their opinions on tax policies that have been proposed to offset the costs of the human infrastructure plan.
The White House's $2 trillion proposed American Jobs Plan—an infrastructure reform plan—continues to be hotly debated on Capitol Hill, and proposals to pay for infrastructure investments via tax reforms are some of the most contested pieces of the plan. A new small business survey reveals that small businesses strongly favor key provisions of the American Jobs Plan, and they support paying for them by enacting reforms that would require wealthy corporations and individuals to pay a higher share of taxes.
Nearly a year into the COVID-19
Policymakers at all levels, from town councils to the halls of Capitol Hill, emphasize the challenges of small businesses as a key talking point during political debates. But new opinion polling in four states—Illinois, Missouri, Virginia and Wisconsin—reveals small businesses feel their government officials don’t actually understand their challenges, and they support a wide array of policies to address their needs, some of which might come as a surprise to their elected officials.
This report compiles findings from focus groups and roundtable discussions with rural small business owners and other small business stakeholders in four states, as well as the results of a national poll of rural small business owners. The report also features recommendations for policymakers and service providers to increase opportunities for rural entrepreneurs.
Small Business Majority released a scientific opinion poll on small business owners’ attitudes regarding tax reform. While current proposals are being sold as a boon for small businesses in a struggling economy, small business owners are in fact generally optimistic about the economy and rate healthcare, rather than taxes, as their top concern. Further, small business owners want Congress to prioritize making the tax system fair for small businesses over tax cuts.
Lawmakers dodged an economic bullet at the end of 2012 when they came to an 11th hour agreement on the highly publicized “fiscal cliff” issue. Not two months later, policymakers have yet another obstacle in their path that could have dire consequences for small business and the economy: what’s known in D.C.
