Garden State Times

The National Federation of Independent Business (NFIB) has released its 11th quadrennial report, "Small Business Problems and Priorities." This report, first published in 1982, provides insights into the issues affecting small businesses across the United States. The 2024 edition is based on a nationwide survey of small business owners and outlines concerns related to inflation, taxes, and uncertainty.

Eileen Kean, NFIB New Jersey State Director, commented on the findings: “This survey is a great representation of how New Jersey small business owners feel: inflation and other rising costs are causing concern for the future of their businesses.” She emphasized that health care costs, excessive taxes, and government regulations remain top concerns for small businesses in the state.

Holly Wade, Executive Director of the NFIB Research Center, noted that small business owners have faced challenges over the past four years due to historic inflation and tax pressures. “This survey helps the public understand the issues affecting the small business sector," she said. Wade highlighted that nearly half of the private sector workforce is employed by small businesses.

Key findings from the report indicate ongoing cost pressures for small businesses. Since 1986, "Cost of Health Insurance" remains a major issue. Additionally, "Cost of Supplies/Inventories" has risen in importance due to recent inflationary trends. Other significant cost-related issues include fuel costs and electricity rates.

Tax-related problems also feature prominently among concerns. "Federal Taxes on Business Income" ranks as a severe issue despite benefits from previous tax cuts. If current deductions expire at the end of 2025 without renewal by Congress, it could lead to increased federal tax burdens on small businesses.

Uncertainty over economic conditions and government actions continues to be a pressing concern for many business owners. Finding qualified employees also ranks high among their challenges.

The publication aims to inform lawmakers about which issues require attention to support pro-small business legislation moving forward. The findings are based on responses from 2,873 NFIB members who participated in a mail survey conducted earlier this year.

For more than eight decades since its founding in 1943, NFIB has advocated for America's small and independent businesses across all states as well as Washington D.C., remaining dedicated solely towards supporting them today.