Survey: Small Business Owners Are Worried About Fiscal Cliff
According to a survey by Sage North America, most small business owners are very concerned over the outcome of fiscal cliff negotiations (70 percent) facing the Obama Administration and Congress. The survey showed that following the fiscal cliff, small business owners are most concerned about taxes, followed closely by government spending.
When asked about their support for ending the Bush-era tax cuts for couples making over $250,000, the majority of respondents favored a different approach, with 58 percent saying they would like lower tax rates while limiting deductions. When asked how their businesses have performed in 2012, 85 percent responded fair, good or very good. However, 48 percent say that their outlook for 2013 is now worse than it was before the election.
"Now that the election is over, one thing is very clear. Small business owners, like many Americans, are concerned about the fiscal cliff negotiations," said Connie Certusi, executive vice president and general manager at small business accounting solutions for Sage North America. "The uncertainty related to the fiscal cliff has the potential of impeding economic growth, particularly among small businesses, and as an advocate for them we are very concerned. The lingering uncertainty around tax rates could continue to have a chilling effect on the economy and small businesses alike. Small business owners are resilient, but uncertainty is the enemy of growth. Consequently, small business owners are counting on swift resolution to the fiscal cliff."
The survey was conducted by Sage during the period of November 13 - 27, 2012 among Sage customers in the U.S who are business owners at companies with less than 100 employees. A total of 238 people completed the web-based survey. The margin of error is +/- 6% with a confidence level of 95 percent.