Last fall, Townhall reported that an overwhelming majority of small business employers gave Biden a “C” grade or lower when it comes to President Joe Biden’s efforts to help small businesses, according to the Job Creators Network Foundation (JCNF).
At the time, the Small Business IQ recorded at 52.5, on a scale of 0 to 100, was the lowest recorded from respondents since the JCNF launched the poll in May of 2021.
New polling numbers from the Job Creators Network Foundation (JCNF) and shared exclusively with Townhall found that ahead of the 2024 presidential election, the majority of small business owners say that “inflation and the economy” is the biggest factor that will influence the election, at 60 percent. In second place is illegal immigration, namely, securing the southern border, at 14 percent.
JCNF noted that one impending economic issue is the upcoming expiration of the Tax Cuts & Jobs Act—federal legislation initially signed into law in 2017. In the survey, a majority of small businesses say the law helped their businesses. In addition, two-thirds of respondents agreed that it should be extended past the 2025 expiration date.
If the Tax Cuts and Jobs Act is allowed to expire, 41 percent of small businesses would consider delaying and/or reducing expansion, 27 percent of small businesses would consider cutting staff hours and reducing wages, and 22 percent of small businesses would consider laying off workers, according to the survey.
“Candidates up and down the ballot in November should focus on showcasing a policy agenda that will strengthen the economy, especially for Main Street. According to our polling of small businesses, it is by far the biggest factor that will influence the election,” Elaine Parker, president of JCNF, told Townhall.
“On this front, a key plank of policy platforms should be extending the Tax Cuts & Jobs Act, which Democrats are threatening to let expire at the close of 2025. While this election cycle has been filled with twists and turns, one thing is clear: tax cuts are on the ballot in November,” Parker added.
In June, Biden boasted that small businesses were “booming” due to his administration.
“My Administration is supporting this unprecedented wave of entrepreneurship with historic investments in small businesses and communities across the country,” he claimed.
Biden then claimed that congressional Republicans were working to hinder small businesses.
“Every Republican in Congress voted against vital American Rescue Plan relief that helped 100,000 restaurants and bars and 225,000 child care programs stay open, and a State Small Business Credit Initiative that is helping businesses launch across the country. And the Congressional Republican agenda would undercut small businesses by repealing our investments in infrastructure and manufacturing, slashing Small Business Administration funding by almost a third, and putting big corporations and billionaires first by cutting their taxes and protecting their loopholes. I’m fighting for Scranton and main street—not Park Avenue and Wall Street,” the president claimed.