Matt Everson State Director of NFIB | Official Website
Matt Everson State Director of NFIB | Official Website
The National Federation of Independent Business (NFIB) has released the 11th edition of its Small Business Problems and Priorities report. This quadrennial report, first published in 1982, offers insights into the challenges faced by small business owners across the United States. The 2024 edition is based on a survey conducted by the NFIB Research Center involving 2,873 small business owners from February to mid-April.
Holly Wade, Executive Director of the NFIB Research Center, commented on the difficulties encountered by small businesses over recent years. "For the last four years, small business owners have struggled with historic inflation, tax pressures at all levels of government, and uncertainty of what’s going to happen next," she said. Wade emphasized that understanding these issues is crucial for lawmakers aiming to support Main Street businesses.
In Iowa, NFIB State Director Matt Everson highlighted specific challenges identified in the report. "Small business owners in Iowa are facing significant challenges," he stated. Everson urged Iowa lawmakers to consider pro-small business legislation as a response to these findings.
The report identifies several key concerns for small businesses. The cost of health insurance remains a persistent issue since 1986. Inflation has driven up costs for supplies and inventories, which now rank as the second most pressing issue compared to their 12th place ranking in 2020. Energy costs also feature prominently among concerns.
Tax-related issues are another significant challenge. Federal taxes on business income are ranked as the fourth most severe problem, while state taxes follow closely behind. There is concern about potential tax increases if certain deductions expire in 2025.
Uncertainty over economic conditions and government actions ranks high among small business concerns. Locating qualified employees also remains a critical issue for many business owners.
The NFIB's publication aims to provide a clear understanding of these problems to guide legislative priorities at both state and federal levels.
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