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New Tax Law a Dud for Small Businesses

April 11, 2019 / cpapracticeadvisor

A new poll by Businesses for Responsible Tax Reform shows the new tax law has not helped small businesses’ profitability nor has it helped small business owners hire, grow or invest in their businesses. In fact, 65% don’t think large corporations pay their fair share of taxes and two-thirds want the 40% tax cut corporations received from the law from 35% to 21% to be partially rolled back to fund policies that will help small firms. The poll of 501 small business owners nationwide who have filed or are planning to file their taxes found 48% of respondents said the new tax law had no impact on the growth or profitability of their business, and 24% said it had a negative impact. Only 19% of owners said the law had a positive impact on their business.