Despite the record tax reform the Trump administration passed late last year, few major accomplishments were achieved by the President. With few new legislation on the horizon for small businesses, companies are seemingly growing disillusioned with the benefits of the current government. According to the “Rocket Lawyer’s annual survey, which includes responses from 500 owners of small to medium sized businesses in the United States”, 53% of respondents “are feeling more pessimistic about the administration’s ability to enact helpful policies than they were at this point last year.”
The major concern seems to stem from rising healthcare costs and an uncertainty of the new tax plan. While it’s true the tax breaks will be fantastic for corporations and their bottom line, it has also been estimated that the wealth gap will increase between rich and middle class and that small businesses may not see as much of an increase as they hope. Infrastructure and trade issues also caused concern to grow for small businesses who see little to no movement in a positive direction on these fronts despite the rhetoric. Rocket Lawyers does mention that, when it comes to tax reform, “many of the responses were collected before the bill officially passed.”
Despite the lack of confidence, small businesses are still looking to grow in 2018. “In fact, 80 percent of the small businesses surveyed reported growth in 2017. And 63 percent believe their sales will increase again in 2018. Twenty-three percent even have plans to hire new employees within the next six months.” These numbers are positive indicators and promote the idea (that I’ve been consistently pushing) that the global economy is doing well and as a result of growing opportunities and not necessarily because of one or two governments.