Republican Small Business Tax Concerns
KENT HOOVER | WASHINGTON BUREAU | JUNE 20TH, 2016
When Republican candidates talk about small businesses, they usually talk about keeping taxes low.
That makes sense, because Republican small business owners are much more concerned than Democratic small business owners about possible tax changes that could hurt their business.
That’s according to The Political Face of the SMB Market, a report by The Business Journals based on interviews with 1,366 owners and key decision makers at small and mid-sized businesses. Taxes are a top five issue for Republican business owners, but didn’t make the list for either Democrats or independents.
One reason why taxes are a big issue for Republican business owners is that they tend to be wealthier than other business owners. Annual sales at businesses owned by Republicans average $9.6 million, compared with $8.5 million at businesses owned by Democrats. The net worth of Republican business owners averaged $1.7 million compared with $1.3 million for Democrats.
Republican business owners tend to be older and male — their businesses have been in operation for 32 years, on average.
Democratic business owners skew younger, and there’s a much higher representation of women and minorities in their ranks. Their top concerns are attracting new customers, having enough money to retire, and the cost of health insurance and other employee benefits.
Source: The Business Journals