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Janel Knight Trulear
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New survey indicates small business owners want overhaul of Tax Cuts and Jobs Act

A new Small Business for America’s Future national survey of 1,118 entrepreneurs shows that the 2017 Tax Cuts and Jobs Act did little to help small businesses grow and reveals a desire for changes to the tax code that level the playing field with large corporations and support Main Street success

Washington, D.C., March 14, 2024 —A new national survey of 1,118 small business owners in the Small Business for America’s Future network shows Main Street entrepreneurs feel the time is ripe to overhaul the Tax Cuts and Jobs Act (TCJA) passed in 2017, which they say did little to help their businesses grow. The survey also shows a clear consensus among entrepreneurs that the TCJA, and the tax code in general, disproportionately favors large corporations over small businesses, which are the backbone of the American economy.

A striking 82% of respondents believe that the current moment presents a prime opportunity for legislative leaders to reform the tax code to ensure it supports the growth and success of small businesses. Furthermore, a significant 78% of small business owners contend that large corporations do not pay their fair share of taxes, underscoring a demand for more equitable tax practices.

“As we see record numbers of new small business starts, now more than ever, we need tax policies that support the growth and sustainability of small businesses,” said Anne Zimmerman, Co-Chair of Small Business for America's Future. “There is no reason the tax code has to favor large corporations. It can—and should—be written to support the country’s Main Street entrepreneurs who create jobs, support economic activity and provide valuable goods and services in every community across America. Legislative leaders must heed the call from the small business community to create a tax environment that promotes fairness, equity, and opportunity for all.”

Key findings from the survey further illustrate the small business dissatisfaction with the TCJA:

• 68% of respondents feel that wealthy individuals and large corporations have benefited the most from the TCJA.
• A majority of small business owners reported that the TCJA failed to help them grow in meaningful ways: 
• 80% said it did not help them in hiring new employees
• 76% said it did not help them in increasing salaries 
• 76% said it did not help them purchase new equipment
• 72% said the tax code, overall, favors large corporations over small businesses

The findings reflect a strong belief among small business owners that adjustments to the TCJA are necessary to level the playing field with large corporations, support small business success through the tax code, and ensure that wealthy individuals and large corporations contribute their fair share to the tax system.

“The Tax Cuts and Jobs Act has been a missed opportunity for small businesses,” Zimmerman said. “Instead of fostering growth, it has widened the gap between small businesses and large corporations. It's time for a tax code that ensures everyone pays their fair share and supports the true drivers of our economy – small businesses.”

View the full survey report here.

To schedule an interview with a representative from Small Business for America's Future, contact Janel Knight Trulear at janel@emccommunications.com or (617) 875-6581.

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About Small Business for America's Future
Small Business for America's Future is a national coalition of small business owners and leaders advocating for policy solutions that promote a thriving, inclusive economy. We work to ensure that lawmakers prioritize the needs of Main Street, advancing a just and equitable economic framework for small business owners, their employees, and their communities. For more information, visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF