More than half of small business owners (58 percent) approve of the job Donald Trump is doing as president, according to the new quarterly Small Business Index released Wednesday. The survey, conducted by Survey Monkey/CNBC, shows that while small business owners are optimistic about the president’s efforts so far, they also called for more action when it comes to his economic agenda.
A quarter of small business owners report taxes as the biggest issue facing small business and 42 percent said a change in tax policy would positively impact their business. The President’s proposed tax plan would lower the business tax rate, potentially as low as 15 percent.
In addition to taxes, small business owners reported regulations, customer demand and the cost of health care as the next biggest challenges to their businesses; 38 percent said that regulation changes will impact their business positively.
Of the 2,000 small business owners surveyed for the Index, 38 percent of the respondents are Republicans and 23 percent are Democrats.
The National Federation of Independent Business small-business optimism index also remains high, according to a report released Tuesday. The index initially reported a huge spike in confidence last November and has remained at historically high levels for the last six months, a “policy-driven phenomenon,” said NFIB President and CEO Juanita Duggan. According to Duggan, small business owners are closely watching what is happening in Washington and their optimism is directly based on the expectation of tax reform and other policy changes.
“If Congress wants small businesses to invest in the economy, then they must cut taxes and simplify the code,” she said. “The President’s tax plan would slash taxes for small businesses and level the playing field for businesses of every size and structure. Congress also has other good ideas for tax reform, but they need to stop talking and pass a bill.”