NFIB, the nation’s leading small business advocacy organization, issued the following statement on behalf of President and CEO Juanita D. Duggan marking tomorrow’s one-year anniversary of the Tax Cuts and Jobs Act being signed into law, which has driven record levels of sustained optimism among small businesses:
“Small business optimism has soared to record levels in the year since tax relief, including the Small Business Tax Deduction, was signed into law. NFIB worked tirelessly with Congress and the administration to ensure the law contained a tax cut for small business. Small businesses, which represent half the U.S. economy and GDP, need the certainty that comes through permanence. We urge the next Congress to move quickly to make the Small Business Tax Deduction permanent and help ensure that small businesses continue to thrive.”
Key findings from NFIB research include:
- In the small business half of the economy, 2018 has produced 45-year record high measures of job openings, hiring plans, actual job creation, compensation increases (actual and planned), profit growth, and inventory investment.
- Three-fourths (75 percent) of small business owners believe the tax law will positively affect their business, 22 percent anticipate it will have no effect, and 3 percent a negative effect.
- Almost half (47 percent) of small business owners who expect to pay less in taxes next year plan to increase business investments with their tax saving and 44 percent plan to increase employee compensation. Twenty-seven percent plan to hire an additional employee.
- Eighty-four percent say that the creation of the small business tax deduction is important with 55 saying it is “very important.”