NFIB President Brad Close wrote an editorial on ways Congress can give small businesses relief
What it means: In a Washington Times op-ed, NFIB President Brad Close highlighted NFIB’s 2024 Fly-In priorities and urged Congress to take action.
Our take: “Every member of Congress pledges to help small businesses. But now is the time for our nation’s leaders – on both sides of the aisle – to really deliver. This is the message that hundreds of small business owners nationwide will deliver to Congress this week. My organization is bringing them to our nation’s capital because Main Street’s message is too important to ignore.” -NFIB President Brad Close.
Small business concerns such as inflation and workforce shortages continue to be ignored by Congress because big businesses can absorb higher costs. NFIB President Brad Close wrote an editorial for the Washington Times discussing the top issues impacting small businesses and how Congress can help.
Close explains, “Lawmakers should relieve small businesses in two ways, avoiding a massive tax increase on the horizon and slashing excessive regulation. If they do that, Main Street will be better positioned to overcome inflation, create jobs, and drive America’s economic comeback.”
Making the 20% Small Business Deduction permanent and repealing the small business ownership registry are two ways Close says Congress can give small businesses relief. Making the Small Business Deduction permanent is NFIB’s top priority before it expires at the end of 2025. “If the Small Business Deduction were made permanent, 90% of local businesses would find it easier to invest in their workers and communities. All Congress needs to do is pass the bipartisan Main Street Tax Certainty Act. The small business economic response would be immediate,” he explained.
The small business ownership registry went into effect Jan. 1, 2024. Over 32 million small businesses have until the end of the year to report information on all their beneficial owners into a new federal database. “It’s 100% targeted at the smallest of small businesses, wrapping them in red tape while giving big business a pass,” said Close.
Small business owners can share their story of how they use the Small Business Deduction, or the burden that the new beneficial ownership registry will have on them. More information is available on the Small Business Deduction and the beneficial ownership registry, and you can take action now to urge Congress to act.
