Memo – Business Owners Survey – 2024 Presidential Election

I surveyed 294 of my business owners regarding their concerns about the 2024 presidential election.

Their number one concern is Trump’s tax cuts expiring at the end of 2025. This is going to bring on significant tax inflation for everyone, especially business owners if they are not extended.

99% of my business owners are leaning Republican in this election as they feel that it is the only chance they’re going to have those Trump tax cuts extended.

I think we can all agree the odds of a Democrat president extending the Trump tax cuts is nil.

This will have devastating results, especially for middle class families.

I’ve calculated that the average tax increase will be 18% for lower and middle-class families.

Remember, small business owners are the people that keep the economy going. Small business is the engine that creates the most GDP.

Small businesses employ more people than large corporations.

People don’t realize how devastating the increase in tax will be starting in January 2026, if this happens.

I feel it is the most significant financial storm that will impact more Americans than any other issue.

The following issues or headlines are an emotional smokescreen and misdirection.

Gender identity.
Tampons in boys’ bathrooms.
Ukraine War.
Middle East War.
Who killed Kennedy?

Do these impact your family’s financial life as much as your taxes? Of course not. But everyone is led to become hysterical about non-issues in their life, all the while ignoring the financial cliff their families are hurtling towards.

Are we still talking about a presidential assassination over 60 years ago and not about our family’s financial health?

It is unbelievable to me how anesthetized and unconcerned people are about real issues.

Businesses have already reduced growth due to the increase in interest rates on commercial loans, lines of credit and mortgages in the past few years.

Not to mention sky high inflation the past four years.

If business owners feel that these tax cuts will not be extended, then their desire or even financial ability to grow and hire more people will be extinguished

Most of them will go into a mode of financial conservatism and not take the risk of growing their business which our economy dramatically needs them to do more than ever.

This will not only mean less growth, but this will increase unemployment as business owners won’t be able to afford the same number of staff any longer.

Business owners are going to protect their net income after taxes at all costs, and increasing unemployment will be just one of the many negative results.

So please, when voting in November, make your family’s financial future your top priority.

Once you do this, your choice in November is clear.

Allowing a personal hatred to take precedence over long term family financial health, could easily lead to bankruptcy for many.

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.