The vast majority of American small business owners have reaped benefits from the 2017 tax reform law passed by a Republican-controlled Congress and signed by President Donald Trump.
According to a new Gallup survey, 69 percent of respondents said they benefitted from the law, which broadly cut taxes on businesses and individuals.
Also, more than seven in 10 small business owners said they reinvested more than 25 percent of the tax savings back into their companies.
The survey also found that six in 10 respondents, or 60 percent, have a favorable view of President Trump’s overall job performance, while 52 percent said they believe their business will be better off if he wins reelection in November.
Meanwhile, 41 percent said they would be better off if one of the Democratic presidential contenders wins.
Regardless of their political preferences, 90 percent of respondents said they are engaged in the election process this year, while 60 percent noted they were paying “a lot” of attention.
And another majority of small business owners — 56 percent — said their financial condition is “excellent” while 38 percent reported their financial condition was “good.”
Not all of the news from the survey was good either for the president or a divided Congress.
“Other policies have had a less positive effect. Seventy percent of small-business owners say the cost of healthcare has had ‘a lot of’ or ‘some’ impact on their ability to hire and retain employees, and half say the same of changes to U.S. immigration policies since 2017,” Gallup reported.
“Among a list of six public policy issues, taxes receive the most mentions: 32 percent of small-business owners say taxes are the greatest impediments to their business operations in this election year,” Gallup continued.
“Government regulations (21 percent), healthcare (20 percent) and U.S. trade tariffs (15 percent) are second-tier obstacles, and climate change (7 percent) and immigration (5 percent) are at the bottom of the list.”
Asked which parties would be better suited to handle these issues, most said Republicans would do a better job on taxes, immigration and tariffs, and the Democratic Party for healthcare and climate change.