New Survey: Small businesses support tax reforms proposed to offset costs of “human infrastructure” package
A new poll reveals small business owners want a level playing field when it comes to our nation’s tax systems
Washington, D.C. - As lawmakers in Washington, D.C. continue to debate the proposed budget reconciliation package that will invest in “human infrastructure” and how to pay for these investments, Small Business Majority released a new survey today revealing small business owners overwhelmingly support tax reform policies that will help offset the cost of the plan, while also helping them compete in the current market.
For too long, our nation's tax system has unfairly benefited the wealthiest businesses at the expense of small business owners, their employees and independent entrepreneurs. The survey reveals the majority of small business owners (75%) believe their business is harmed when big corporations use loopholes to avoid taxes. Small business owners feel disadvantaged by the current tax systems and expressed the following views on our nation’s tax policies:
- 73% agree that the current tax system favors big business over small businesses
- 69% agree that offshore tax loopholes allow big businesses to avoid paying their fair share
- 76% agree that more tax incentives for small businesses should be provided
Additionally, the respondents showed strong support for several provisions aimed at leveling the playing field through tax reforms, many of which have been proposed to help pay for the human infrastructure package being debated by Congress. This includes the following measures:
- 69% support establishing a 15% minimum tax on profits that the largest corporations report to their investors
- 66% support setting a minimum tax rate of 21% on corporate offshore profits
- 65% support increasing the tax rate on households earning more than $400,000 per year
To promote a more resilient workforce and economy, small businesses will need these policies and more to support a level playing field. Small Business Majority sent a letter to congressional leadership this week urging them to champion recommendations that would strengthen provisions needed to ensure small businesses benefit from the human infrastructure package, such as: advancing healthcare affordability, supporting paid family and medical leave, advancing access to quality child care, expanding access to capital, and more.
“America’s job creators are calling for bold policies that will help them compete with large corporations and grow their businesses while supporting important investments in healthcare, child care and paid leave,” said John Arensmeyer, Founder & CEO of Small Business Majority. “To ensure a successful path forward, we encourage policymakers to do everything in their power to invest in small businesses and in the human infrastructure package. Small businesses are critical to the nation’s economic recovery, and these policies are needed to help them create a sustainable, equitable business ecosystem.”
The survey reflects the opinions of 469 small business owners and managers of operations of small businesses between July 28, 2021 through July 29, 2021. The sample was taken from an online panel from Momentive (formerly SurveyMonkey). For the full report, visit: https://smallbusinessmajority.org/sites/default/files/research-reports/Aug-2021-Network-Poll.pdf
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 80,000 small businesses and 1,000 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.