Small business survey
A recent report has revealed that nearly three-quarters of small business owners expect revenue growth in 2025, up from 65% in 2024. The Small Business Index survey, conducted in October, gathered responses from 750 small business owners. Executive Vice President and Head of Regional Business & Workforce Engagement at MetLife, Bradd Chignoli, stated, “The growing optimism among small business owners since the beginning of the year is a positive sign as we move into 2025 and potentially points to increasing opportunities in the new year.”
Help attract and retain new talent
Chignoli added, “As more and more employers look to increase investment and staff size, it is important to take advantage of the resources available to them, such as voluntary benefits, which can help strengthen their company’s culture and help attract and retain new talent.”
Feel regulations hinder growth
The survey also found that over half of owners feel regulations hinder growth. Furthermore, 39% reported increased time and resources spent on compliance, up from 33% in the previous quarter.
Too many regulations cause big headaches
Vice President of Small Business Policy at the U.S. Chamber of Commerce, Tom Sullivan, said, “Too many regulations cause big headaches for small businesses, even if they feel confident in their ability to comply or have the means to outsource compliance tasks.”
Focusing on running and growing their businesses
Sullivan added, “This quarter’s survey shows these requirements are complex, time-consuming, and often prevent small business owners from focusing on running and growing their businesses.”
Promised significant tax cuts
President-elect Donald Trump previously promised significant tax cuts and a corporate tax rate reduction to 15%. Trump said, “I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low crime and surging incomes for citizens of every race, religion, color and creed.”
Tax reduction advocate Grover Norquist
Tax reduction advocate Grover Norquist stated, “When you reduce the corporate rate by 2% wages go up 1%, corporations have more money to invest for workers.”
Trump promised to cut taxes on tips and Social Security benefits
Trump promised to cut taxes on tips and Social Security benefits while considering the elimination of income taxes, potentially offset by tariffs. With Trump’s initial tax cuts set to expire in 2025 and Republicans in control of Congress, extending and expanding tax changes is expected to be a priority.
Democratic Rep. Tom Suozzi
Trump also plans to address the $10,000 cap on state and local tax deductions (SALT) from his 2017 tax law. Repealing the cap is expected to foster bipartisan support, as indicated by Democratic Rep. Tom Suozzi.
I take President Trump at his word
Suozzi said, “I take President Trump at his word and will hold him accountable for his promise to eliminate the SALT cap. I will work with him and anyone to get things done on behalf of the people.”
Rep. Alexandria Ocasio-Cortez
Rep. Alexandria Ocasio-Cortez stated, “I take President Trump at his word and will hold him accountable for his promise to eliminate the SALT cap. I will work with him and anyone to get things done on behalf of the people.”