May 05, 2016 03:58 AM EDT

U.S. Election 2016 News: Presidential Race Worries Small Business Owners

Recent U.S. election 2016 news revealed that small business owners are concerned over this year's presidential race. The results of this election would definitely bring about changes in the industry and market.

U.S. News reported that the U.S. election 2016 is making small business owners anxious. In turn, this could cause problems for job creation and domestic hiring in the future.

On Tuesday, the Bank of America posted its Small Business Owner Report and the results of its survey. It was revealed that more than two-thirds of about 1,000 business owners were "somewhat concerned" about how the U.S. election 2016 results would impact their respective businesses.

About 68 percent of the survey participants admitted that taxes are part of their primary concerns. 67 percent said that they are anxious over the broader economy and job growth. 55 percent confessed that they were worried about how the U.S. election 2016 results would have an impact on the health care policy.

"Anxiety is high regarding the impact of the fall elections, the effectiveness of U.S. government leaders and health care costs, possibly explaining why small businesses are taking a wait-and-see approach before making plans for hiring and growth," Robb Hilson, small business executive at Bank of America, said in the report. "Nearly 4 out of 5 (79 percent) small business owners express concern over the effectiveness of U.S. government leaders."

In another survey conducted by Capital One on Monday, it was revealed that 1 in 4 small business owners is more concerned about the U.S. election 2016 than "competition, hiring and retaining talent and the regulatory environment." The respective survey's participants also had worries over tax policies, the economy and health care.

Capital One's head of small business banking Keri Gohman noted that the U.S. election 2016 is a "critical time for small businesses" since the whole country is expecting a change in leadership. Of course, the change would bring about new opportunities as well as new challenges.

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