Entrepreneurs Prefer Spending Cuts Over Tax Increases, Survey Finds

0 Shares

Entrepreneurs prefer spending cuts over tax increases, survey findsIt looks like yet another group of Americans is joining fiscal conservatives in their call on the government to reduce deficit by cutting its spending. A new KPMG study has found that most business executives believe this is a better way to reduce public debt, as opposed to raising taxes in the midst of a weak economy. 

In fact, some 60 percent of American business leaders expressed this opinion in the survey called "Paying the Bill," which was released by KPMG International, a global network of audit and tax firms. Most of the respondents suggested a reduction in defense spending and some of the welfare programs, but 33 percent also mentioned public sector pay and infrastructure projects.

P. Scott Ozanus, vice chair of KPMG, stated that these results are not surprising, but added that given the sluggish pace of economic recovery, the Federal and local governments will most likely opt for boosting tax enforcement as a means of raising revenue.

As for the main driving force behind the economic growth that has been registered since the recession officially ended last summer, approximately 41 percent of executives credit the stimulus package. However, as much as 77 percent believe consumer spending has been a key factor and 45 percent point to lower interest rates.

That said, nearly 65 percent of the nation's business leaders would prefer to see the stimulus measures stop immediately. 

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.