A new survey says as many as 60% of business owners believe uncertainty in Washington has had the greatest negative effect on the economy.
The survey, handled by Newtek Business Services, utilized a portfolio of over 100,000 business accounts with a poll of 1,800 respondents. One of the key findings from the March survey was that business owners feel red tape in Washington, ranging from the health care debate, the fiscal cliff crisis, and more recently the sequestration, are hurting small businesses.
Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, “With all of the data obtained in today’s society, our independent business owners are still most concerned over the confusion and uncertainty in Washington.”
Of the remaining owners polled, 22% believe income taxes have had the greatest negative effect on the economy and 18% believe it’s the payroll tax increase that’s hurting small businesses.
“Despite payroll tax increases, Obamacare, and a weak economy, the uncertainty over what the Federal Government is doing to the business climate is our small business clienteles’ biggest worry,” Sloane continued. “The uncertainty and lack of confidence in Washington continues to put a damper on future decision making, risk taking and economic forward thinking.”