Small business owners called for Congress to make the 20% Small Business Tax Deduction permanent
What it means: Small business owners were joined by Senator Daines and NFIB President Brad Close to share how the 20% Small Business Deduction positively impacts their businesses, while warning that its looming expiration will have far-reaching consequences on jobs and the economy.
Our take: The 20% Small Business Deduction was created to level the playing field between small businesses and larger corporations. Without action from Congress, there will be a massive tax hike on America’s 33 million small businesses.
Take Action: Tell Congress to stop the massive tax hike on small businesses.
NFIB President Brad Close, Senator Steve Daines (R-MT), and NFIB members shared at a press conference on Capitol Hill how the expiration of the 20% Small Business Deduction would impact their employees, communities, and the broader U.S. economy. Small Business owners shared what the 20% Small Business Deduction means to them:
“…In 2017, when the tax cut bill came, we finally saw growth at a level that we could actually invest in the business that we had done so much for in the past. We were able to hire designers and architects. We bought trailers and trucks. We invested hundreds of thousands of dollars a month in the local economy.” – California Small Business Owner Beth Booth, co-owner of Spaces Renewed.
“Small businesses like ours are the foundation of the American economy. The 20% Small Business Deduction has enabled us to be able to grow our business…expand, buy equipment, and now it is enabling us to hire.” – Nebraska Small Business Owner Candice Price, co-owner of Home Team Auto Sales.
“For us, community is at the heart of everything we do. We’ve taken the tax savings from the [small business deduction] and put them right back into the community. We’ve reinvested in the coffee shop. We’ve hired more staff. We’ve opened other small businesses as well.” – West Virginia Small Business Owner Michael Ervin, owner of Coal River Coffee.
“The Small Business Deduction has allowed us to invest in our team, allowed us to invest in our infrastructure, and allowed us to invest in growing our business.” – Massachusetts Small Business Owner Neil Abramson, owner of consignment stores across New England
Senator Daines spoke about the real and urgent need to make the 20% Small Business Deduction permanent: “I am a champion for the ‘Main Street Tax Certainty Act.’ This is something we must pass, because if we do not do this next year, many of the businesses, the small businesses across America, will face about a 30% increase in their taxes.”
NFIB President Brad Close echoed the call for Congress to take action: “The small business owners here today are here to tell Congress that they need to pass the Main Street Tax Certainty Act. They need to make the 20% Small Business Deduction permanent. They know that if Congress doesn’t act, it’s going to mean higher taxes and a much more difficult environment for them,” said Close.
Take Action: Tell Congress your story – explain how you’ve used the 20% Small Business Deduction to reinvest in your business and support your community.
