NFIB State Director Chad Heinrich warns against a massive tax hike on small businesses.
SUN CITY (August 30, 2024) – In an op-ed for the Daily Independent, NFIB State Director Chad Heinrich urges Congress to make the 20% Small Business Deduction permanent, which is set to expire in 2025.
Warning against a massive tax hike on small business owners, Heinrich writes:
“If Congress allows the small business deduction to expire, it will mean that they intend to enrich Wall Street and leave Main Street businesses behind. Losing the small business deduction could very well be the largest federal tax increase on small businesses in memory. […] That’s why Arizona’s small businesses are asking Congress to pass the Main Street Tax Certainty Act. This bipartisan bill would make the small business deduction permanent.”
CLICK HERE to read the full op-ed. Excerpts are below:
Congress must keep small business tax deduction
Daily Independent
By: Chad Heinrich
August 29, 2024
The record inflation that we have all experienced in our day-to-day lives also adds to the wall of worry for small business owners. Small business owners recently ranked the cost of supplies and inventories as their 2nd most pressing problem—moving way up from its ranking as 12th in 2020. […]
It’s bad, and there’s a federal law set to expire that would make today’s ‘bad’ even worse for Arizona’s local businesses. […]
Congress enacted the small business deduction to help level the playing field between Main Street businesses and big corporations, but the big business tax cuts were made permanent, and the small business deduction wasn’t. It’s set to expire in 2025.
If Congress allows the small business deduction to expire, it will mean that they intend to enrich Wall Street and leave Main Street businesses behind. Losing the small business deduction could very well be the largest federal tax increase on small businesses in memory. […]
Faced with a larger tax bill, small businesses would have to hold the line on pay and benefits, halt growth plans and possibly cut jobs. Given the tremendous financial pressure they’re already under, some may be forced to close their doors for good.
That’s why Arizona’s small businesses are asking Congress to pass the Main Street Tax Certainty Act. This bipartisan bill would make the small business deduction permanent.
Small business owners need stability to succeed. The past four years have been turbulent. With no guarantee the small business deduction will be around after 2025, small business owners are starting to make tough decisions now to prepare for a massive tax hike later.
By passing the Main Street Tax Certainty Act, Congress can stop the cycle of uncertainty and provide small business owners with the predictability they need to grow their businesses. […]
Some of Arizona’s congressional delegates support the bill, but there are still some holdouts. Representatives David Schweikert, Juan Ciscomani, and Debbie Lesko are co-sponsors in the House. We’re asking Senator Mark Kelly to stop this massive tax hike on Arizona small business owners and support the Main Street Tax Certainty Act. […]
Remember: When we help small businesses, we help everyone.
