More than two-thirds of CPAs and accountants expect President Donald Trump to accelerate U.S. economic growth, according to a recent survey.
Thirty percent of public accountants in a recent Accounting Today poll are “very confident” and 39 percent are “somewhat confident” that the new administration will boost the American economy.
“At this moment I remain cautious and hopeful about the development of the 'Trump Economy,'” said one respondent. (All verbatim responses were given anonymously.)
Somewhat fewer – though still a majority of accountants polled – have a very positive (30 percent) or somewhat positive (33 percent) impression of the president’s stance on issues that matter to their firms; 24 percent have a somewhat or very negative impression.
One respondent noted a need for caution: “All these changes will take more time than most people believe. We may be at the midterm elections in 2018 before we really can know what changes are going to be made.”
Taxes and the ACA
The vast majority of accountants surveyed fully expect the Trump administration to pursue tax reform: 53 percent are very confident that they will, and 35 percent are somewhat confident.
They were fairly unanimous in expecting that tax reform will include lower rates for businesses (89 percent), but less certain about other aspects. (See chart below.)
They were slightly less sanguine about the administration’s plans to repeal and replace the Affordable Care Act, with 26 percent very confident and 48 percent somewhat confident. They were overwhelmingly united in expecting that it will likely be replaced by piecemeal legislation covering individual aspects of health care and insurance, rather than a single comprehensive piece of legislation.
The survey polled 348 accountants across the country in mid-February.