According to NFIB’s Share Your Story Tax Survey, small business owners are learning how the Tax Cuts and Jobs Act will benefit their business, like the increased section 179 deduction and the lowered individual income tax rates.
As small business owners see a small business-friendly economic climate develop in Washington, D.C., they are excited about the benefits for their business.
“I feel damn good about the U.S. economy now and for the foreseeable future,” said Chris Ellis, president of Helping Hands Healthcare Inc. based out of West Chester, Ohio, in NFIB’s Share Your Story Tax Survey, which included responses from more than 300 members across the country. “Which is a huge relief considering the past eight years.”
According to the survey, small business owners are open to participating in this business-friendly political climate: 107 respondents that said they would possibly be willing to host an event for a legislator, while 274 respondents said they would possibly attend an event hosting a legislator who has been helpful in securing tax relief for small business.
“Tax reform is crucial to leveling out the playing field, globally, by creating a more business-friendly economy that will act to bring businesses and jobs back to American workers. At the same time, lowering individual rates creates a sense of hope for the future of those workers provided government spending is cut and healthcare costs are lowered,” Manahawkin, New Jersey-based Tomasella’s Fire Protection President Pamela Tomasella said in the survey.
Another NFIB member, Donna Rito, owner of Kenny’s Sewing and Vacuum, in Johnstown, Pennsylvania, said in the survey that tax reform is helping them compete with big-box stores. “There is an uptick in our business. We have taken a beating for the last six years. Amazon is killing small businesses. Our business model has changed so that we can survive.”
Urbandale, Iowa-based Blue Compass Interactive President and Co-founder Drew Harden believes that the tax reform has made them more competitive.
“The new funds are causing us to be more aggressive with hiring and salaries, as well as a small expansion in our facility. It’s allowing us to take more risks,” he said in the survey.