Small Business Week: LaMalfa Surveys North State Small Business Owners, Finds Tax Reform is Working
May 4, 2018
(Richvale, CA) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after issuing results from a recent survey administered to local small business owners in the North State. Congressman LaMalfa’s office worked with local Chambers of Commerce to widely distribute the survey to North State small businesses.
LaMalfa said: “In the spirit of Small Business Week, I wanted to know how local business owners in the North State view the new tax law, as well as the state of small businesses in California and the obstacles they face in the state. My office issued an anonymous survey to small businesses exclusively located in the North State, and the results were very encouraging. As evidenced by the feedback we received, many business owners in the North State are excited about the potential for growth under the Tax Cuts and Jobs Act, and many are already beginning to expand operations and invest in their workforce. California’s difficult laws and onerous regulations create significant uncertainty, but overall, there is a level of new optimism not seen in some time – in large part thanks to the passage of the Tax Cuts and Jobs Act last December.”
See below for results from Congressman LaMalfa’s North State Small Business Survey:
Figure 3 shows that 92% of North State small business owners expect the business climate in the U.S. to either improve or remain the same over the next year. Only 8% feel they may be worse off under the new tax law.
Figure 7 shows that North State small business owners are extremely optimistic about sales over the next year. Only 7% expect a decrease while 72% are predicting an increase.
Figure 6 shows that 79% of business owners expect profit to at least remain the same over the next 12 months while half (50%) expect profits to increase.
Figure 2 shows that many businesses are already re-investing savings under the Tax Cuts and Jobs Act, most notably in the form of higher wages, new equipment, employee bonuses, and expanded operations.
Figure 8 shows that nearly half of North State small businesses have unfilled job openings at various levels of employment.
Figure 1 shows that 84% of North State small business owners feel that California’s laws and regulations are detrimental to their business operations.
Figure 4 shows that, once again, California’s unique laws and regulations reduce profitability for the vast majority of North State small businesses.
Figure 5 exemplifies the belief among small business owners that they would be better off without the burdensome regulations in the state of California. For many businesses owners, this would directly translate to hiring new employees.
Congressman Doug LaMalfa is a lifelong farmer representing California’s First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.