Des Plaines, Ill. — November 27, 2012 — According to the National Association of the Remodeling Industry’s (NARI) Remodeling Business Pulse third quarter data, remodelers predicting a decline in activity over the next three months named uncertainty about the future as the top driver of the trend.
Remodelers and their customers are nervous about the fragile economy, and they are counting on politicians in Washington to come to an agreement on fiscal cliff issues that will help put America’s economy on track, the association states in a news release,
When Washington decides that some Americans need to pay higher taxes in order to reduce the deficit, they must be extremely sensitive to how changing tax rates impacts the individual rate, the release continues. “Some politicians forget that the vast majority of small businesses file taxes at the individual rates,” says David Merrick, MCR, UDCP, chairman of NARI’s Government Affairs Committee and president of Merrick Design and Build Inc., based in Kensington, Md..
Research conducted by NARI shows, eighty percent of the association’s members file taxes at the individual rate. That includes 52 percent of members filing as S-Corporations. “Increases in individual tax rates will have a negative impact on the majority of NARI member businesses,” Merrick says.
The release stresses the significance of the small-business sector on the full economic recovery — with small businesses contributing more than two-thirds of the net new jobs in the past 15 years.
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