Ocean State Today

The National Federation of Independent Business (NFIB) has released the 11th edition of its quadrennial report, "Small Business Problems and Priorities." This report, first published in 1982, is based on a nationwide survey of small business owners. It outlines 75 issues affecting small businesses across the United States.

Christopher Carlozzi, NFIB Rhode Island State Director, stated that "inflation and other rising costs are causing concern for the future of their businesses." He emphasized that small businesses in Rhode Island view health care costs, taxes, and government regulations as significant challenges. Carlozzi urged elected officials to address these concerns to provide economic relief.

Holly Wade, Executive Director of the NFIB Research Center, noted that over the past four years, small business owners have faced "historic inflation, tax pressures at all levels of government, and uncertainty." She highlighted that this survey provides insight into issues impacting the small business sector. Wade pointed out that despite challenges like rising costs and taxes, small business owners continue to strive for growth.

Key findings from the report indicate that cost pressures remain a primary concern for small businesses. The "Cost of Health Insurance" continues to be a major issue since 1986. Additionally, the "Cost of Supplies/Inventories" has risen in importance due to recent inflation trends. Fuel and electricity costs also rank high among concerns.

Tax-related issues feature prominently in the top problems identified by small business owners. Federal taxes on business income rank fourth among severe tax problems. A potential expiration of the Small Business Deduction could exacerbate this issue if Congress does not act by 2025.

Uncertainty regarding economic conditions and government actions has become more pressing since 2020. These uncertainties are ranked third and eighth respectively among severe problems faced by businesses today.

The NFIB's publication aims to guide lawmakers at state and federal levels in prioritizing legislation beneficial to small businesses. The survey involved responses from 2,873 NFIB members between February and mid-April 2024.

For eight decades, NFIB has advocated for America's small businesses across all states as well as Washington D.C., remaining dedicated exclusively to their interests since its founding in 1943.