According to polling, small-business confidence has jumped in 2018.
Despite Democratic assurances that the Trump tax cuts would end the world as we know it, small-business confidence has jumped higher than it has been in a long while.
This is obviously good news for the economy and the media is even acknowledging that Republican tax cuts are responsible for the rapid change in outlook.
Small-business confidence is surging in 2018 as optimism rises among small-business owners about the newly enacted tax-reform package, according to the latest CNBC/SurveyMonkey Small Business Survey, released Tuesday.
The CNBC/SurveyMonkey Q1 Small Business Confidence Index saw an increase of five points, from 57 to 62, a record high and the largest quarter-to-quarter move the index has seen since CNBC and SurveyMonkey began measuring last year. This is the first survey since President Donald Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017.
In the Q4 survey, small-business owners were split evenly on the core question about the effect that tax policy would have on their business. Opinions have shifted significantly: Twice as many now expect changes in tax policy to have a positive rather than negative effect on their businesses. Forty-six percent of those surveyed say tax policy changes will have a positive effect, up from 38 percent in the fourth quarter. The number of those saying tax policy changes will have a negative impact fell sharply, from 36 percent in the fourth quarter to 23 percent in the most recent survey.
Half of small-business owners are now expecting to see tax cuts in 2018.
Confidence rose among almost all demographic groups, with the largest increases coming from companies with five to nine employees, and small-business owners ages 35–44 and 55–64.
The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com