Report shows small business breaks from Wall Street on taxes

A new report from the Main Street Alliance of Washington shows small-business owners support ending corporate tax cuts and stopping cuts to earned benefit programs as Congress and the White House continue negotiations over the so-called “fiscal cliff.”

The report, titled “Listening to Main Street: Washington Small Business Views on Taxes and the Economy,” is based on door-to-door and telephone surveys of more than 100 small-business owners from 15 cities across the state, including Bellingham.

The Main Street Alliance of Washington is a small-business coalition group advocating for public policy that supports and promotes small-business owners.

Some key findings from the report include:

– On what small businesses need most to create jobs: 73 percent of survey respondents believe what small businesses need most is more customers, compared to 23 percent who said lower taxes.

– On tax cuts for high-income earners: 88 percent said Congress should end the tax cuts on incomes above $250,000, while just 4 percent said Congress should renew the tax cuts for the top income brackets.

– On corporate taxes: 72 percent said big corporations pay less than their fair share of taxes. Only 3 percent said big corporations pay more than their fair share, and 8 percent said they pay their fair share.

– On tax loopholes and budget cuts: Faced with a choice between making more budget cuts or closing corporate tax loopholes, 87 percent chose closing corporate tax loopholes, while just 2 percent chose more budget cuts.

– Considering a tax on Wall Street trades: 59 percent of respondents said they would support a small tax—a fraction of a percent—on Wall Street trades (including stocks, bonds, and derivatives) to raise revenue and discourage high-speed trading activities. 2 percent said they were opposed to this idea, with 39 percent undecided.

The full report is available for download in PDF format.

Tags: , ,

Related Stories