Survey data regarding the federal government’s recently passed Tax Cuts and Jobs Act are piling up, and they are conclusively showing company managers’ confusion about the new law.
To be clear, there seems to be no strong sense of discontent emerging in the ranks of small business owners (that is the demographic focused upon in recent reports) across the country. In fact, most company principals highly anticipated the new law and looked forward to its particulars when it was rolled out earlier this year.
What seems beyond doubt, though, is that a law hyped for its promised pro-business effects is going through some rough patches on its way to gaining firm traction and endorsement in the business community.
In short, and to the point: Accumulating empirical evidence indicates that most small and mid-sized company owners simply don’t grasp all the material details yet, much less understand how the new legislation can personally benefit them.
One survey reveals that more than eight of every 10 business respondents don’t have an adequate understanding of how revamped federal legislation can improve their company’s bottom line. And more than 90% of them don’t think that government regulators made enough of an effort when launching new rules and regulations to educate those who stand to be most affected by them.
And then there’s this, as forthcoming from a second survey: About 10 percent of self-employed workers reportedly don’t even know that business reforms were recently launched.
Obviously, it’s going to take some time and further educational efforts from business and tax officials to help small and mid-sized companies better understand how to formulate strategies in light of the new legislation. A proven business law legal team can promote that goal.
