According to the latest Paychex Small Business Survey, tax reform is top of mind for small business owners, and it’s the regulatory issue they’d like to see at the top of President Trump’s priority list, too. The new study, conducted in late August 2017 by Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, revealed 41% of small business owners want the Trump administration to make tax reform its No. 1 priority.
When asked about the approach to tax reform that would most benefit their business, 40% of those surveyed prefer a lower tax rate. Additionally, 27% of respondents prefer getting rid of special interest loopholes for large corporations, and 21% would like more simplicity in the tax code. Meanwhile, 12% say they would not benefit from tax reform.
“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,” said Martin Mucci, Paychex president and CEO.
In total, the number of small business owners who want tax reform to be the No. 1 priority for the Trump administration is more than the next three priorities combined: repeal/replacement of the Affordable Care Act/Obamacare (15%), infrastructure (15%), and reducing regulations (9%).
When asked if general ambiguity around regulations has negatively impacted their profitability/ability to grow, just over half (55%) said that uncertainty is having at least somewhat of an impact.