The public will get its first glimpse of a tax-reform plan from Republican Party leadership on Capitol Hill this week, and it couldn't come too soon for small-business owners. Their patience with President Donald Trump and the GOP on this critical economic issue — a driver of entrepreneurial investment and growth — is wearing thin.
Entrepreneurs consistently cite taxes as the No. 1 issue for their business. In the just-released third-quarter CNBC/SurveyMonkey Small Business Survey, taxes once again topped the list of "critical issues," beating out other government-related factors — health care and regulation — as well as customer demand. But business owners' faith that Trump's campaign promises on tax reform will become legislative reality has dipped.
The percentage of business owners who expect changes in tax policy to have a positive effect on their business in the next 12 months declined from 42 percent to 31 percent quarter-over-quarter, according to the CNBC/SurveyMonkey survey, conducted in August with more than 2,200 small-business owners using SurveyMonkey's online platform and based on its survey methodology. Small-business owners who said tax policy would have "no effect" went up from 33 percent to 40 percent. Another 27 percent expect a "negative effect."