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New Surveys Confirm the President’s Tax Hikes Will Hurt Main Street Job Creators and Workers
As the President continues to call for well over $1 trillion in new taxes, including higher tax rates for small businesses, Main Street job creators have been speaking out about what those new taxes will mean for them and the men and women they work with each day. The news is not good. Three newly released surveys confirm the threat of higher tax rates is already hurting Main Street.
The monthly Small Business Economic Trends Report from the National Federation of Independent Business (NFIB) released yesterday reveals that small business confidence is at a near record low level. According to the survey, the net percent of small business owners that expect the economy to improve and business conditions to be better in the next six months fell 37 points from last month to a net negative 35 percent. As the chart below shows, this is the largest net percent change in at least 14 years and even worse than during the depths of the most recent recession.
That data is echoed by survey data released last week by the Associated General Contractors of America (AGC). Nearly 70 percent of firms participating in that survey reported that they pay taxes at the individual tax rates, which are set to rise at the end of the year. Most of these firms are small – over half report employing fifty or fewer people – and have little capacity to absorb additional costs.
Fifty-four percent of firms report the threat of tax hikes has already forced them to adjust their business plans. Of those firms: