Washington, D.C. – Today, the Employee-Owned S Corporations of America (ESCA) released a new poll that finds overwhelming support for Congress to enact tax reform measures that can help grow retirement savings for the middle-class. Conducted by John Zogby Strategies (JZS), the survey also finds that sixty-nine percent of respondents want their Congressional representative to support legislation which enables more Americans to work for employee-owned companies, since ESOPs have been shown to yield better employee retirement accounts.
“As Congress considers tax reform measures, lawmakers must remember the importance of securing retirement for the middle class,” said ESCA Chairman Denny Scott, Chief Financial Officer at Burns & McDonnell, a 100 percent employee-owned business. “S corporation ESOPs are a stable, secure source of retirement savings for workers across the nation, and the peace of mind this brings extends far beyond the workplace,” he added.
The poll surveyed 800 likely voters nationwide on September 6-7, with a margin of error of +/-3.5 percentage points.
Key findings include:
- An overwhelming majority of Americans, 70 percent, believe tax reform should include measures that can help grow retirement savings for middle-class Americans. S ESOP firms offer meaningful retirement security to workers. A 2015 EY study found that, between 2002 and 2012, the average S ESOP account distribution was 56 percent larger than the average 401(k) distribution.
- Sixty-nine percent of respondents would like their congressional representative to vote for legislation making it easier for S corporation owners to transfer ownership to their employees. This finding indicates strong bipartisan support among voters for the bipartisan Promotion and Expansion of Private Employee Ownership Act of 2017.
- After learning about the benefits of S ESOP employee ownership, fifty-three percent of respondents indicated that they would like to work for an ESOP firm.
The poll builds upon a May 2017 analysis by JZS showing that S ESOP employee-owners have greater confidence in their financial standing than their non-employee-owner counterparts. The report showed that S ESOP employee-owners have greater confidence in their financial security, less fear about losing their job, and more confidence in their ability to handle major expenses like mortgage payments, children’s college costs, and unexpected medical bills.
“This data lays out a clear mandate from voters to Congress and the Administration: Tax reform should make it easier for the middle class to save for retirement,” said John Zogby. “Across the country, Americans are concerned about not having enough money for retirement, and vehicles that bring retirement security within reach, like S ESOPs, understandably enjoy broad support” he added
The full text of the report can be found here.
See the survey deck here.
Read the fact sheet here.
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About ESCA
The Employee-Owned S Corporations of America (“ESCA”) is the Washington, D.C. voice for employee-owned S corporations. ESCA’s exclusive mission is to preserve and protect S corporation ESOPs and the benefits they provide to the employees who own them. These companies have an important story to tell policymakers about the tremendous success of the S ESOP structure in generating long-term retirement savings for working Americans and their families. ESCA provides the vehicle and the voice for these efforts, representing employee-owners in every state in the nation. Learn more at esca.us.