It’s formally called the federal Tax Cuts and Jobs Act. Most owners of small and medium-sized businesses in Connecticut and nationally simply view it as legislation highly touted under the Trump administration and recently enacted as law that promises strong upsides for company owners and entrepreneurs.
Not all business principals see it that way, though. Close to 10 percent of its especially targeted audience reportedly doesn’t know anything about it at all.
That is troubling, of course, especially given the law’s stated intent to reduce cumbersome red tape, effect business tax reforms and help owners plow more money back into their enterprises.
That nod to ignorance comes courtesy of but one of several recent business surveys indicating that American business owners – a clear majority of them, at any rate – are largely in the dark concerning the tax/jobs legislation that became law earlier this year. It’s not that they seem to disagree with its thrust and how changes might benefit them. Rather, it’s more that they simply don’t get the details or know what steps to take to improve their bottom lines.
According to a national media report on the new law, one of the aforementioned surveys reveals that “83 percent of small business owners [don’t] have a complete understanding” of the legislation. Additionally, more than 90 percent of that demographic reportedly feels the federal government enacted the new reforms without sufficiently educating the business sector about them.
Hopefully the business tax cuts, new allowances for depreciating equipment and other reforms will yield the benefits their proponents envision. Obviously, though, it’s going to take some time before regulators and affected business principals will know with certainty whether they do.