Brad Close explains why Congress needs to make the 20% small business deduction permanent
NFIB President Brad Close appeared on WGSO-990 AM in New Orleans on Monday to discuss the organization’s efforts to stop a massive federal tax increase on Louisiana’s small businesses.
Speaking on “Ringside Politics,” Close told Jeff Crouere that stopping the 20% small business deduction from expiring in 2025 is one of NFIB’s top priorities in Congress.
“It let them take a deduction of 20% of their business income so they can put that money back into the business,” Close said, adding that it “helps bring small business owners closer to the tax parity with their larger, big business competitors and large corporations.”
Close said, “When you look at helping small business owners, you know, that money is gonna flow through to their employees, their families, to the community. When they buy new equipment, they buy it locally. When they create new jobs, folks who fill those jobs come from the community. So it all benefits and it all spreads. And that’s why we think it’s so important to let small business owners keep more of their own hard-earned money rather than send it to Washington.”
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Click here to learn more about the 20% small business deduction.
Congress voted in 2017 to let small businesses deduct 20% of their qualified business income. Small businesses use those dollars to invest in their employees and business operations, and those tax savings have protected them against inflation, hiring shortages, and supply chain disruptions. It will expire in 2025 unless Congress passes the Main Street Tax Certainty Act.
