NFIB’s Jeff Brabant discussed small business issues on C-SPAN’s Washington Journal
What it means: NFIB continues to advocate on top small business issues in a recent interview on C-SPAN’s Washington Journal. NFIB’s Vice President of Federal Government Relations discussed the impact of inflation and how what can be done to ease the burden.
Our take: “Ninety percent of small business owners are going to see a tax hike in less than two years. The C-Corp rate is permanent. If you’re comfortable dealing with inflation by taxing the smallest businesses in America and making them significantly less competitive with large business owners that’s one way to do it.” -Jeff Brabant, Vice President of Federal Government Relations.
NFIB’s Vice President of Federal Government Relations Jeff Brabant was interviewed on C-SPAN’s Washington Journal to discuss the issues impacting Main Street businesses nationwide and what can be done to ease the burden. During his interview on June 17, Brabant highlighted the importance of making the 20% Small Business Deduction permanent and the challenge burdensome regulations, such as the beneficial ownership reporting requirements, pose for small businesses.
NFIB President Brad Close recently wrote an op-ed in the Washington Times expanding on how Congress can give small business relief. As inflation remains a top issue, action from Congress on both priorities will have a major impact on small businesses.
If the 20% Small Business Deduction expires at the end of 2025, over 30 million small business owners will have massive tax hikes. If Congress does not repeal the new national small business registry, all beneficial owners will have to register in the new database by the end of the year. If they do not register, they would face up to $10,000 in fines and up to two years in jail.
“This is a bit of a scary thing [for small business owners],” said Brabant. “It was done to address money laundering, but the big concern is that this is not a one-and-done registration. If any of the information that you provided changes, you have 30 days to update it…It’s a lifetime commitment for small business owners.”
NFIB is educating lawmakers on these issues and how they can offer small business relief. Sign NFIB’s petition to make the 20% Small Business Deduction permanent and learn more about how this deduction helps small businesses plan for their future.
If the new national small business registry would be a burden to your small business, urge Congress to repeal this new law. NFIB has resources to learn more about what this requirement entails and what needs to be reported by the end of the year.
