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Posts published in “tax laws”

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America is currently in a state of transition. With the Trump administration making radical changes to tariffs and tax laws, many small business owners aren’t exactly sure how these laws will affect them. While many are optimistic, many others are cautious. Earlier this month, CNBC, First in Business Worldwide, and SurveyMonkey, a global provider of survey software products, announced the results of their quarterly CNBC/SurveyMonkey Small Business Survey in which they aim to measure the vitality of the American economy as well as the view from Main Street on jobs, taxes and other hot topics. Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners. In addition to measuring small business confidence nationwide, the large sample size gives CNBC the power to uncover trends by geographic region and among specific small business cohorts. This survey provides a crucial window into the response of small business owners to the new tariffs and tax laws. According to the 2018 Quarter 3 survey, 58% of small business owners surveyed say overall business conditions are good, up from 53% in Q2, and up 39% from the third quarter of 2017. While the past year has seen conditions improve for small businesses, many have concerns about how the changing tariffs and tax laws will affect them going forward. First in January 2018, and more recently in June, Trump  increased tariffs on many foreign goods such as solar panels, steel, and aluminum, which protected industries in those arenas but also drove up the prices of goods for American consumers and businesses in other arenas. As a result of these tariffs, China, the European Union, and Canada, among others, have implemented retaliatory tariffs. While these tariffs were put in place to protect domestic industries such as the American steel industry, which receives a boost from the fact that it is now cheaper to buy from them than foreign options, they actually do more harm to smaller, local businesses than good. A secondary, unintended result of these tariffs is a ripple effect of increased costs to businesses that use those products in making their goods. For example,…

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