Katie Niederee and Julia Lawless, 202-224-4515
Tax Reform Boosts Confidence This National Small Business Week
Small Business Employee Wages Growing at Highest Rate in Two Years
It’s National Small Business Week, and a recent CNBC/SurveyMonkey Small Business Survey found that confidence among America's small business owners continues to be near an all-time high.
In fact, just four months after Congress passed a once-in-a-generation tax reform overhaul that modernized the nation’s tax code, hundreds of small businesses (and counting) have announced new expansions, pay raises, bonuses and other benefits for their employees.
For example, National Federation of Independent Business (NFIB) member David Cranston, owner of Cranston Material Handling Equipment Corporation, testified in front of the Finance Committee last week that he will save between $5,000 and $10,000 annually, as a result of tax reform. Cranston is reinvesting that money into his business and plans to purchase new equipment, invest in training, and build a new website.
Small businesses create two of three new jobs and employ half the workforce in the United States. And, according to a recent report from the human resources firm Paychex, small business employees saw their wages grow last month at the strongest rate in more than two years – more than three percent. Additionally, NFIB’s recent Small Business Economic Trends survey found that the fewest small business owners in 35 years reported taxes as their top problem.
Since 1963, the president has declared one week each year to recognize the contributions of our nation’s 30 million small businesses – the backbone of the U.S. economy. After years of slow growth and a stagnant economy, today, small business owners and American workers finally have relief from an outdated tax code, uncertainty and overregulation.
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