Survey Says: Tax Reform Works

Recent Surveys Show Small Businesses, Manufacturers & Americans are Feeling Good About the Economy

A modernized tax code – complete with middle-class tax relief, a competitive corporate tax rate and other much-needed reforms – is energizing the economy. The numbers don’t lie: Jobless claims are at a near 48-year low, the unemployment rate is the lowest since December 2000, and first quarter capital investments are up 21 percent (compared with the same time last year), which means that more companies are investing in their businesses. A bustling economy has sparked optimism among job creators and workers alike. Take a look at some of the latest surveys tracking how small businesses, manufacturers and Americans at large are feeling about tax reform:

Small businesses are encouraged by the effect that tax reform is having on their businesses. A survey by the National Federation of Independent Business (NFIB) recently found that:

• 76 percent of small business owners believe the current business climate is headed in the right direction.
• 75 percent believe that the tax law will positively impact their business.
• 87 percent think the new tax law will have a positive impact on the general economy.

NFIB also found that small business owners plan to pass on tax savings to their employees. The same survey showed that:

• 44 percent plan to use tax savings to increase employee compensation.
• 27 percent plan to use tax savings to add employees.

Manufacturers are also optimistic about tax reform. A recent survey by the National Association of Manufacturers (NAM) found that:

• 77 percent of NAM members are already planning to boost hiring because of tax reform.
• 72 percent report they plan to increase wages or worker benefits.
• 86 percent report they are already planning on increasing investment in their businesses.
• And a whopping 93 percent of manufacturers report a positive outlook for their companies and the economy.

Americans, too, are feeling good about the economy.

• Gallup found that 67 percent of Americans are optimistic about the availability of good jobs – the highest percentage in 17 years of polling. Optimism is on the rise among Americans of all age, income and education groups.
• Another Gallup survey found that that Americans are more satisfied with the way things are going in America than they have been in nearly 13 years.

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