Poll: 69 Percent of Small Business Owners Say They Have Benefited from the 2017 Tax Cuts

Young man and woman going through paperwork together in their restaurant. Small family restaurant owners discussing finance calculating bills and expenses of their small business.
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A majority of small business owners have a favorable view of President Trump’s job performance and the 2017 tax cuts he championed, according to a recent Gallup poll.

The Gallup poll reveals that 69 percent of respondents say they benefited from the 2017 tax cuts that Trump championed and signed into law.

And more than seven in ten small business owners say they reinvested over one-quarter of the savings they got from the tax law into their business.

The poll also found 60 percent of respondents say they have a favorable view of the job Trump is doing as president, and 52 percent think their business would be better off if he is reelected.

Forty-one percent said they would be better off if a Democrat is elected.

But despite their politics, 90 percent of respondents say they are engaged in the election process, with 60 percent saying they are paying “a lot” of attention and 30 percent “some” attention.

And another majority of small business owners — 56 percent — report their financial condition is “excellent” and 38 percent “good.”

Gallup reported on its poll and what policies small business owners see as important in an election year:

Other policies have had a less positive effect. Seventy percent of small-business owners say the cost of healthcare has had “a lot of” or “some” impact on their ability to hire and retain employees, and half say the same of changes to U.S. immigration policies since 2017.

Among a list of six public policy issues, taxes receive the most mentions: 32 percent of small-business owners say taxes are the greatest impediments to their business operations in this election year. Government regulations (21 percent), healthcare (20 percent) and U.S. trade tariffs (15 percent) are second-tier obstacles, and climate change (7 percent) and immigration (5 percent) are at the bottom of the list.

Asked which party would do a better job of handling these six issues, small-business owners are more likely to favor the Republican Party for taxes, immigration and tariffs, and the Democratic Party for healthcare and climate change. Owners are closely divided between the two parties on government regulations.

The poll also asked those who plan to vote in a Democrat primary or caucus whom they plan to support; 22 percent of small business owners say they will support Joe Biden, while 17 percent say Michael Bloomberg, 14 percent Bernie Sanders, and 13 percent Elizabeth Warren. 

Thirteen percent are undecided, and less than ten percent say they plan to support Andrew Yang, Pete Buttigieg, or Amy Klobuchar.

“Turning to November, even though they are more likely to identify as Republicans (40 percent) than Democrats (33 percent) or independents (26 percent), small-business owners are closely divided as to whom they say they would support in the general election,” Gallup reported.

In a hypothetical race, according to the poll, the only candidate who comes out ahead of Trump is Bloomberg — 48 percent to 52 percent respectively.

Other match-ups show Trump tied with Biden 50/50 percent, Trump ahead of Pete Buttigieg 51/49 percent, Trump ahead of Amy Klobuchar 51/49 percent, Trump ahead of Andrew Yang 51/49 percent, Trump ahead of Bernie Sanders 52/48 percent, and Trump ahead of Elizabeth Warren 52/48 percent.

Gallup said the “bottom line” of the poll is that, with more than 30 million small businesses in the United States, “this constituency is an important one for any presidential candidate to win over.”

The poll was taken between January 15 and 24 of small businesses with annual revenues between $50,000 and $25 million. Gallup sampled 1,234 small business owners aged 18 or older living in the 50 states and the District of Columbia. 

“The national sample was weighted by revenue to ensure the sample was reflective of respondents across the revenue range,” Gallup reported.

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