A new poll from UBS Wealth Management Americas revealed that business executives overwhelmingly approve of President Donald Trump’s tax cuts and infrastructure plan.
Confidence amongst business owners has risen dramatically since the last quarter. Eighty-three percent of business owners suggest that the economic outlook remains positive, compared to 65 percent of those who said it was in the fourth quarter of 2017. Seventy percent of business leaders also approve of the Trump administration compared to only 50 percent one quarter ago.
President Donald Trump will likely unveil his infrastructure plan during his State of the Union address on Tuesday; business leaders largely approve of Trump’s infrastructure package.
Business leaders believe that:
- Eighty-four percent believe the government should spend more on infrastructure.
- Eighty-nine percent content that infrastructure will improve the economy.
- Sixty-five percent believe that it will their business.
- Eighty-percent believe that the private sector should play a role in the development of America’s infrastructure.
The business leaders in the survey suggested that the top three ways to fund the Trump’s infrastructure package should include: public-private partnerships, private investment vehicles, and enhanced incentives for charitable giving.
The survey also suggested that the top investment priorities are:
- Seventy-two percent want improved or more bridges.
- Seventy-two percent want more as well as better highways.
- Seventy-one percent want better water systems.
- Seventy percent want better schools.
- Sixty percent want better utilities.
Seventy-nine percent of business executives say they are satisfied with the new Tax Cuts and Jobs Act, and 72 percent believe the tax cut bill will improve the economy. Seventy-two percent of executives also approve of steps the Trump administration has taken to reduce regulations; 68 percent say their company has already benefitted from reducing regulations.
President Trump suggested last September that tax cuts and tax reform will propel the American economy like “rocket fuel.”
Business leaders now plan to act, given their optimistic view of the economy:
- Thirty-six percent say they plan to hire more workers, compared to 14 percent who say they will reduce their workforce.
- Forty-four executives suggest they will invest more, while 17 percent plan to invest less in 2018.
The American economy continues to thrive under President Trump. Reports suggest that well over one million Americans will receive a bonus of up to $3,000 since Trump signed the Tax Cuts and Jobs Act. Several corporations such as AT&T, Comcast, and Nationwide also increased their 401(k) match rate, raised their minimum wages, and increased domestic investment because of the Republican tax bill.
American unemployment claim benefits remain at a record 17-year low, and American consumer sentiment reached its highest level since 2000.
President Donald Trump tweeted on Sunday, “Our economy is better than it has been in many decades. Businesses are coming back to America like never before. Chrysler, as an example, is leaving Mexico and coming back to the USA. Unemployment is nearing record lows. We are on the right track!”