For small businesses across the country the new Trump tax reform is a positive thing. Small businesses have always been a good indicator of sentiment in America when the economy is the subject.
According to a survey conducted by CNBC and Survey Monkey, small business confidence is surging in 2018 as optimism rises among small business owners about the newly enacted tax reform package. Q1 saw an increase of five points, from 57 to 62 in the Small Business Confidence Index section of the survey.
This increase represents a record high since CNBC and Survey Monkey began measuring the quarter to quarter index last year. It seems that the Trump administration has made a good decision as far as small business owners are concerned.
Since the previous survey that was done in Q4 last year, twice as many business owners now expect changes in tax policy to have a positive rather than negative effect on their businesses. Last year 38 percent of those surveyed believed tax policy changes would have a positive effect, now in the latest survey that number is up to 46 percent. At the same time, those believing last year that tax policy changes would have a negative impact dropped from 36 percent last year to 23 percent on the current survey.
An additional report from the National Small Business Association which is a nonpartisan lobbying group is indicating similar findings. It’s year end Economic Report for 2017 found that more than half of small business owners feel the national economy is doing better than it was just six months ago.
Molly Day, vice president of public affairs for the NSBA believes this optimism isn’t just due to tax reform but because the economy overall is doing better and small businesses are just now starting to realize it. Hopefully the economic news will continue to be good.