Middle-Market CEOs Sound Alarm on Tariff Impacts and Tax Policy Uncertainty
The latest CBIZ-Hofstra University CEO Survey reveals significant concerns among middle-market CEOs regarding tariffs and tax policy uncertainty. 53.2% of CEOs express strong concern over tariffs' financial impact, leading to strategic adjustments: 80.9% consider relocating production, 75.4% may reduce workforce, 72.3% plan to delay investments, and 66.4% explore new supplier options.
Regarding tax policies, 42.6% of CEOs reported moderate benefits from the Tax Cuts and Jobs Act, while 51.9% anticipate positive effects from its extension. The Inflation Reduction Act benefited 43.3% of respondents, though 47.7% reported no tangible gains. Economic concerns remain the top issue for 55.1% of CEOs, followed by talent availability (37.5%) and increasing cybersecurity concerns. CEO optimism rebounded to 45.0% in December from 34.5% in September.
Il più recente CBIZ-Hofstra University CEO Survey rivela preoccupazioni significative tra i CEO delle medie imprese riguardo ai dazi e all'incertezza delle politiche fiscali. Il 53,2% dei CEO esprime forte preoccupazione per l'impatto finanziario dei dazi, il che porta a cambiamenti strategici: l'80,9% considera di spostare la produzione, il 75,4% potrebbe ridurre la forza lavoro, il 72,3% pianifica di posticipare gli investimenti e il 66,4% esplora nuove opzioni di fornitori.
Per quanto riguarda le politiche fiscali, il 42,6% dei CEO ha riportato benefici moderati dalla Tax Cuts and Jobs Act, mentre il 51,9% prevede effetti positivi dalla sua estensione. L'Inflation Reduction Act ha beneficiato il 43,3% dei rispondenti, sebbene il 47,7% abbia riportato nessun guadagno tangibile. Le preoccupazioni economiche rimangono il problema principale per il 55,1% dei CEO, seguite dalla disponibilità di talenti (il 37,5%) e dalle crescenti preoccupazioni per la cybersecurity. L'ottimismo dei CEO è tornato a il 45,0% a dicembre, rispetto a il 34,5% a settembre.
La última Encuesta de Directores Ejecutivos de CBIZ-Hofstra University revela preocupaciones significativas entre los CEO del mercado medio en relación con los aranceles y la incertidumbre de la política fiscal. El 53.2% de los CEO expresa una fuerte preocupación por el impacto financiero de los aranceles, lo que lleva a ajustes estratégicos: el 80.9% considera reubicar la producción, el 75.4% podría reducir la fuerza laboral, el 72.3% planea retrasar inversiones y el 66.4% explora nuevas opciones de proveedores.
En cuanto a las políticas fiscales, el 42.6% de los CEO reportó beneficios moderados de la Ley de Recortes de Impuestos y Empleos, mientras que el 51.9% anticipa efectos positivos de su extensión. La Ley de Reducción de la Inflación benefició a el 43.3% de los encuestados, aunque el 47.7% no reportó ganancias tangibles. Las preocupaciones económicas siguen siendo el principal problema para el 55.1% de los CEO, seguidas por la disponibilidad de talento (el 37.5%) y las crecientes preocupaciones de ciberseguridad. El optimismo de los CEO se recuperó a el 45.0% en diciembre, desde el 34.5% en septiembre.
최근 CBIZ-Hofstra University CEO Survey는 중소기업 CEO들이 관세 및 세금 정책의 불확실성에 대해 큰 우려를 표명하고 있음을 보여줍니다. 53.2%의 CEO가 관세의 재정적 영향에 대해 강한 우려를 표명하며 전략적 조정으로 이어지고 있습니다: 80.9%는 생산 이전을 고려하고, 75.4%는 인력 감소를 고려하고, 72.3%는 투자의 지연을 계획하며, 66.4%는 새로운 공급업체 옵션을 탐색합니다.
세금 정책에 관해서는 42.6%의 CEO가 세금 인하 및 일자리 법안에서 중간 정도의 혜택을 보고했으며, 51.9%는 그 연장으로 인해 긍정적인 효과를 예상하고 있습니다. 인플레이션 감소 법안은 43.3%의 응답자에게 혜택을 주었지만, 47.7%는 실질적인 이익이 없다고 보고했습니다. 경제적 우려는 55.1%의 CEO에게 주요 문제로 남아 있으며, 그 뒤를 이어 인재 가용성 (37.5%)과 증가하는 사이버 보안 우려가 있습니다. CEO의 낙관주의는 9월 34.5%에서 12월 45.0%로 반등했습니다.
La dernière Enquête auprès des PDG de CBIZ-Hofstra University révèle des préoccupations significatives parmi les PDG du marché intermédiaire concernant les tarifs douaniers et l'incertitude des politiques fiscales. 53,2% des PDG expriment une forte préoccupation quant à l'impact financier des tarifs, ce qui les pousse à des ajustements stratégiques : 80,9% envisagent de relocaliser la production, 75,4% pourraient réduire leur effectif, 72,3% prévoient de retarder les investissements et 66,4% explorent de nouvelles options de fournisseurs.
En ce qui concerne les politiques fiscales, 42,6% des PDG ont signalé des bénéfices modérés grâce à la Loi sur les réductions d'impôt et l'emploi, tandis que 51,9% prévoient des effets positifs de son extension. La Loi sur la réduction de l'inflation a bénéficié à 43,3% des répondants, bien que 47,7% n'aient rapporté aucun gain tangible. Les préoccupations économiques demeurent le principal problème pour 55,1% des PDG, suivies de la disponibilité des talents (37,5%) et des inquiétudes croissantes concernant la cybersécurité. L'optimisme des PDG est remonté à 45,0% en décembre, contre 34,5% en septembre.
Die neueste CBIZ-Hofstra University CEO Umfrage zeigt erhebliche Bedenken unter CEOs von mittelständischen Unternehmen hinsichtlich Zöllen und der Unsicherheit von Steuerpolitiken. 53,2% der CEOs äußern große Besorgnis über die finanziellen Auswirkungen der Zölle, was zu strategischen Anpassungen führt: 80,9% ziehen in Betracht, die Produktion zu verlagern, 75,4% könnten die Belegschaft verkleinern, 72,3% planen, Investitionen zu verschieben, und 66,4% erkunden neue Lieferantenoptionen.
In Bezug auf Steuerpolitiken berichteten 42,6% der CEOs von moderaten Vorteilen durch das Steuerreformgesetz, während 51,9% positive Effekte von dessen Verlängerung erwarten. Das Inflationsbekämpfungsgesetz kam 43,3% der Befragten zugute, während 47,7% keine greifbaren Gewinne berichteten. Wirtschaftliche Bedenken bleiben das Hauptproblem für 55,1% der CEOs, gefolgt von der Verfügbarkeit von Talenten (37,5%) und zunehmenden Cyber-Sicherheitsbedenken. Der Optimismus der CEOs stieg im Dezember auf 45,0% von 34,5% im September.
- CEO optimism increased from 34.5% to 45.0% in December
- 42.6% of CEOs reported benefits from Tax Cuts and Jobs Act
- 51.9% anticipate positive effects from TCJA extension
- 53.2% of CEOs express strong concerns over tariffs' financial impact
- 75.4% of companies may implement workforce reductions
- 72.3% plan to delay investments
- 47.7% reported no tangible gains from Inflation Reduction Act
- 55.1% cite economic concerns as top issue
Insights
Tariff Concerns Force Strategic Adjustments
Tariffs emerged as a dominant issue, with
80.9% are considering relocating production to mitigate tariff-related costs.75.4% may reduce their workforce.72.3% plan to delay investments.66.4% are exploring new supplier options.50.0% are contemplating price increases.
"Our findings highlight the profound ripple effect that even the discussion of tariffs is having on the middle market, forcing CEOs and management teams to rethink their strategies at every level," said Jerry Grisko, President and Chief Executive Officer of CBIZ. "These economic factors compel businesses to be more agile, re-evaluate their operational frameworks, and seek innovative solutions to maintain resilience and competitiveness. Understanding and anticipating these shifts are crucial for CEOs. "
Mixed Impacts of
The survey also reveals divided perspectives on the benefits of recent and proposed tax reforms:
42.6% of CEOs reported moderate benefits from the Tax Cuts and Jobs Act (TCJA), including reduced corporate tax rates and bonus depreciation.51.9% anticipate positive effects if TCJA provisions are extended, though30.1% expect no impact.43.3% have benefited from the Inflation Reduction Act (IRA), but nearly half (47.7% ) reported no tangible gains.
"While tax reforms have provided relief for many, the overall impact remains uneven across industries," said Bill Smith, National Director of Tax Technical Services at CBIZ. "The survey underscores the complexity of tax-driven economic policies and the need for individually tailored strategies to address them."
Key Takeaways on Business Confidence and Planning
Beyond policy concerns, the survey reveals broader trends influencing CEO decision-making:
- Economic concerns: Consistently the top issue, cited by
55.1% of CEOs. - Talent availability: Ranked among the top three influences by
37.5% , reflecting persistent hiring challenges. - Cybersecurity concerns: Growing in importance, increasing
6.7% since September.
Despite these challenges, optimism among CEOs rebounded in December, with
The survey was developed, conducted, and analyzed by Zarb School MBA students, led by Dr. Andrew Forman, associate professor of international business and marketing, in partnership with CBIZ.
"The data from our latest survey underscores the heightened sensitivity of middle-market CEOs to both tariffs and tax policy uncertainties," shared Dr. Andrew Forman. "As such, businesses are making difficult but necessary decisions to safeguard their profitability and maintain competitiveness."
"Learning to adapt and adjust during uncertain times is an essential lesson for business students," stated Janet A. Lenaghan, Dean of the Zarb School of Business. "Embracing change with a growth mindset empowers leaders to transform challenges into opportunities, drive innovation, solve problems effectively, and strategically position their businesses for long-term success."
About the Survey
The CBIZ-Hofstra Survey is a periodic gauge of mid-market CEOs' outlook and priorities for the next 12 months. The survey polled the leaders of companies with revenues ranging from
About the Frank G. Zarb School of Business at Hofstra University
Hofstra University's Frank G. Zarb School of Business prepares students to become tomorrow's global leaders. Located just 25 miles from
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle market businesses and organizations nationwide. With unmatched industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers forward-thinking insights and actionable solutions to help clients anticipate what's next and discover new ways to accelerate growth. CBIZ has more than 10,000 team members across more than 160 locations in 21 major markets coast to coast. For more information, visit www.cbiz.com.
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SOURCE CBIZ
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