Economy & Budget

Small business owners pessimistic on tax outlook

Small business owners pessimistic on tax outlook

For those who continue to argue that tax hikes and increasing debt aren’t dampening the economic recovery, there is a new survey out by Vistage International Inc. and The Wall Street Journal.

The poll is “intended to reveal insights on the sentiment of U.S. CEOs and small-business owners from a broad range of industries.” That it does.

Of the 833 business owners surveyed, 47 percent of small-business owners and CEOs said that they didn’t expect the country could avoid the slew of tax increases and spending cuts set to automatically kick in at the end of the year unless Republicans and President Barack Obama could come together on a new deficit-reduction plan. (If these small business owners had read Bob Woodward’s new book, The Price of Politics, which details Obama’s clumsy efforts to forge a long-term deal on debt, they would probably be even more pessimistic about the future.)

Only 38 percent of those surveyed believed that lawmakers would be able to reach an agreement, while 14 percent weren’t sure.

More than two-thirds of those polled said they planned to cast a vote for the Republican nominee, while only 19 percent would be voting for Obama.

Then again, over 50 percent of those polled believed that Obama would win the election in November, while 30 believed that Mitt Romney would be the next president. The poll was conducted before the first presidential debate, one that was, according to almost all political observers, won handily by Romney.

Nearly 50 percent of those surveyed claimed they would be open to higher tax rates if it was part of a broader deficit-reduction plan that included spending cuts.

Sign Up
DISQUS COMMENTS

FACEBOOK COMMENTS

Comment with Facebook