By the Numbers: The paycheck remains the same
Welcome to By the Numbers, a weekly column that breaks down data related to small businesses and the entrepreneurial economy. 57% That's the percentage of about 3,000 small to midsize businesses that report they have not raised pay for employees in the past 12 months, according to a study released this week by the Pepperdine Private Capital Markets Project.
Looking forward, 42% plan to raise pay for employees in the next 12 months, while 41% did not plan to offer raises.
The salary freeze extended to owners themselves, as 61% said they did not personally make more money in 2011 than in 2010. About half expect to make more money in 2012 than they did in 2011.
$122 billion
That might be the amount by which small businesses underpaid taxes from 2001 to 2006, according to this analysis from TheFiscalTimes.com.
These types of numbers are highly speculative, but the website contends that recently updated IRS data “shows large corporations are not the only ones gaming the tax system. Although big companies expertly maneuver the tax code to whittle down their bills legally, small businesses are actually evading taxes en masse.”
TheFiscalTimes.com reports that the nation's tax gap — or the difference between what the IRS is owed and what it collects — “grew from $290 billion in 2001 to $385 billion in 2006. Businesses that log income on individual returns, which are largely small businesses and farms, accounted for the single largest portion of that: $122 billion.”
8.5 in 10
That's the share of small business owners who believe the U.S. economy is on the wrong track, according to this survey from the U.S. Chamber of Commerce.
The Chamber — no fan of the current administration's economic policies — surveyed 1,322 small business executives between Dec. 30 and Jan. 6 and found 85% believe the U.S. economy is heading in the wrong direction.
“Eight out of 10 say they would rather have Washington stay out of the way than provide a helping hand,” the Chamber reports. “Similarly, nearly nine out of ten (86%) say they would rather have more certainty from Washington than more assistance (6%) to deal with the economy.”
Among other findings:
Of small businesses polled, 52% perceive their top issue and biggest challenge as the general economic climate.
78% of small businesses surveyed report the taxation, regulation and legislation from Washington “make it harder for their business to hire more employees,” according to the Chamber. Another 74% “say the recent health care law makes it harder for their business to hire more employees.”
98% of respondents said they consider a candidate's position on free enterprise and business issues as important to how they vote.
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