NFIB Report – US Small Business Ready To Grow in 2018
The historic small business tax cuts, including a new 20 percent deduction on earnings and immediate expensing of business investments, are giving small business owners long overdue tax relief. Businesses around the country are using their tax cut savings to raise wages, hire new employees, and expand.
Six of the 10 components that make up the small-business optimism index increased in January, producing one of the strongest readings in the 45-year history of the NFIB survey.
“The new tax law, the Tax Cuts and Jobs Act, produced the most recent boost to small business optimism. And federal government related cost pressures continue to abate, offering a more supportive business climate for small firms. Consumer spending remains supportive, and business spending and housing remain strong.” – NFIB Report
Small businesses, which create two-thirds of all new jobs, are arguably the biggest winners of tax cuts, receiving a new 20 percent tax deduction. But they have not yet felt the full effects.
And a new nationwide poll of small business owners conducted by the Job Creators Network finds that small businesses favor the tax cuts by a 10 to one margin. Yet a sizeable one in four respondents still don’t know how tax cuts will affect them. As the muddied tax waters clear, expect small business support to grow even further.
SOURCE: NFIB, Bloomberg, Job Creators Network
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