Tax reform should be the number one priority of the Trump administration, according to a new survey of small business owners.

The survey, by the payroll giant Paychex, found that 41 percent of the 341 small business owners polled want tax reform to be the main priority of the Trump administration. The number of small business owners who would like tax reform to be Trump’s No. 1 priority was more than the next three priorities combined: repeal and replacement of the Affordable Care Act or Obamacare (15 percent), infrastructure (15 percent), and reducing regulations (9 percent).

When they were asked if general ambiguity around regulations has negatively impacted their profitability or ability to grow, 55 percent said uncertainty is having at least some impact.

When they were asked which tax reform approach would have the most benefit for their business, 40 percent of those polled said they prefer a lower tax rate. In addition, 27 percent of the survey respondents are in favor of eliminating of special interest loopholes for large corporations, while 21 percent would like to see more simplicity in the tax code. However, 12 percent indicated they would not benefit from tax reform.

“President Trump ran on the promise of creating a more business-friendly environment,” said Paychex president and CEO Martin Mucci in a statement. “Our data indicates businesses see changes to the tax code as a top priority, and they’re anxiously awaiting what reform may come over the next several months.”

Small business tax reform priority

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access

Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.