Washington, D.C. (August 1, 2024)—With the 2024 election heating up, new polling from the Job Creators Network Foundation suggests small business owners have a clear issue they care about most. Sixty percent of small businesses nationwide say inflation and the economy is by far the biggest factor that will influence the November election. Far behind in second place is immigration and the border at 14 percent.
A big economic issue on the horizon that likely plays into this mindset is the upcoming expiration of the Tax Cuts & Jobs Act—federal legislation initially signed into law in 2017. A majority of small businesses say the law has helped their business with two-thirdsagreeing it should be extended past the 2025 sunset date. If the Tax Cuts & Jobs Act is allowed to expire:
- 41 percent of small businesses would consider delaying and/or reducing expansion
- 27 percent of small businesses would consider cutting staff hours and reducing wages
- 22 percent of small businesses would consider laying off workers
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Candidates up and down the ballot in November should focus on showcasing a policy agenda that will strengthen the economy, especially for Main Street. According to our polling of small businesses, it is by far the biggest factor that will influence the election. On this front, a key plank of policy platforms should be extending the Tax Cuts & Jobs Act, which Democrats are threatening to let expire at the close of 2025. While this election cycle has been filled with twists and turns, one thing is clear: tax cuts are on the ballot in November.”
