WASHINGTON, D.C. (March 25, 2025) – NFIB President Brad Close joined The Lars Larson National Radio Show to discuss why Congress should make the 20% Small Business Tax Deduction permanent. Close explains how this would help create jobs and grow the economy.

Listen to Close’s interview here: https://youtu.be/WVRJMF0649M

“Small businesses are looking at a pretty massive tax hike at the end of the year if Congress doesn’t make the 20% [Small Business] Deduction permanent. And that’s a small business deduction for small businesses only…About 26 million business owners across the country right now would lose out on a very, very important deduction that’s helped them through the pandemic, through a tough economy. It would be a tough blow if Congress let that expire.”

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“So, actually, if this tax cut is made permanent, EY, which is the new branding for Ernst & Young, did a survey and it showed if you make this permanent, you’re going to add $750 billion to the economy. Now, that’s obviously going to generate a fair amount of tax revenue into the federal government. It’s also going to add about 1 million, 1.2 million jobs a year as well, which again, keeps that revenue growing as people’s incomes go up and new jobs are created.”

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We’re talking about small business owners’ money, this isn’t the government’s money. And what this tax provision does, this 20% Small Business Deduction, lets you and every other small business owner keep more of their own hard-earned money in the business and put it to good use.”

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.