The National Federation of Independent Business (NFIB) has released findings of the most recent survey assessing the effectiveness of the Tax Cuts and Jobs Act.
“This new data confirms what small business owners have been telling the Committee: the Tax Cuts and Jobs Act has been good for America’s small businesses,” Rep. Steve Chabot (R-OH), House Committee on Small Business ranking member, said. “As we heard at a recent Committee hearing, small business owners are using the savings from the tax cuts to expand facilities, purchase equipment, and create jobs.”
The analysis showed 82 percent of small business owners think the tax cuts were positive for the overall economy; 66 percent reported the Tax Cuts and Jobs Act was positive or very positive for their business; and 81 percent considered the small business deduction on qualified business income as important or very important.
The provision most frequently viewed as important to small business owners and their businesses is the creation of the Small Business Deduction, per the survey results, with up to 20 percent of qualified business income as an allowable tax deduction. The mention of it provokes a strong, positive reaction with 51 percent of owners saying that it is a very important provision and another 30 percent somewhat important provision to them and their businesses.