Constitution State News

The National Federation of Independent Business (NFIB) has published the 11th edition of its quadrennial report, "Small Business Problems and Priorities." This comprehensive guide outlines 75 issues affecting small businesses nationwide. The report is based on a survey conducted by the NFIB Research Center, which involved 2,873 small business owners.

Andy Markowski, NFIB Connecticut State Director, stated that inflation and rising costs are major concerns for Connecticut's small business owners. He emphasized the importance of addressing these issues: “This survey is a great representation of how Connecticut small business owners feel: inflation and other rising costs are causing concern for the future of their businesses.” Markowski urged elected officials to consider these concerns and provide economic relief.

Holly Wade, Executive Director of the NFIB Research Center, highlighted ongoing challenges faced by small businesses over the past four years. She noted that "small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next." Wade also pointed out that small businesses employ nearly half of the private sector workforce.

The report identifies several key issues impacting small businesses. The cost of health insurance remains a top concern since 1986. Inflation has increased the importance of supply costs, moving it from 12th place in 2020 to second place in 2024. Additionally, fuel costs are critical for nearly one-in-four respondents.

Tax-related problems also feature prominently in the report. Federal taxes on business income rank as the fourth most severe issue. A potential expiration of the Small Business Deduction could exacerbate this problem. State taxes on business income rank as another significant concern.

Uncertainty over economic conditions and government actions ranks high among small business concerns. Economic uncertainty moved up from ninth place in 2020 to third place in 2024. Locating qualified employees is another critical issue for many business owners.

The findings aim to help lawmakers prioritize legislation supporting small businesses in coming years.

For more information about NFIB's advocacy efforts on behalf of America's independent business owners, visit nfib.com.