New Poll: Small Business Owner Sentiment Depressed by Inflation Concerns, Unstable Economy, Threat of Higher Taxes
Washington, D.C. (May 15, 2023) – Today, the Job Creators Network Foundation (JCNF) released its April edition of the Small Business IQ Poll of 400 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall sentiment about the economy, ticked up by 0.2 points to 54.8.
Small business owners are worried that current and future economic conditions will impact their bottom line. The biggest concern facing small business owners during the month was inflation–notably matching the highest level of unease around rising prices since the poll’s inception. And amid recent failures in the banking industry, roughly 3 in 5 entrepreneurs are concerned the financial instability will compromise their business. Moreover, President Biden’s budget proposal for fiscal year 2024—which includes an estimated $1.8 trillion tax hike on small businesses—is opposed by 70 percent of respondents.
In stark contrast with the Biden administration’s unpopular policy agenda, components of JCN’s American Small Business Prosperity Plan enjoy strong bipartisan support. For example, 78 percent are behind making the 2017 Tax Cut and Jobs Act permanent, while 79 percent support exempting small businesses of new overburdensome government regulations.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Our latest polling reveals a recurring theme: Main Street is fed up with the Biden administration’s tax-and-spend policy agenda. Small business owners aren’t buying the White House’s economic fairytale as inflation, banking instability, and the threat of higher taxes compromise operations. Rather than doubling down on what’s not working, lawmakers in Washington need to pursue pro-small business policies that will inevitably benefit everyone. JCN’s American Small Business Prosperity Plan is a good blueprint to follow.”