NFIB Arizona warns job creation, economic growth at stake if Congress fails to act.
PHOENIX (Sept. 23, 2024) – In a conversation with Fox Business, NFIB State Director Chad Heinrich discussed the massive tax hike facing Main Street employers, if Congress fails to make the 20% Small Business Deduction permanent.
STOP THE SMALL BUSINESS TAX HIKE
“Not only are small businesses facing a significant tax increase if Congress lets this expire. But Arizona’s economic growth really hinges on Congress acting and making the 20 percent small business deduction permanent,” Heinrich said.
New analysis released by Ernst & Young (EY) and NFIB found that making the deduction permanent would create 26,000 new jobs each year for the first ten years, and 49,000 annually every year after that in Arizona.
CLICK HERE to watch the interview. CLICK HERE to listen to NFIB’s new ads airing in Arizona urging Congress to pass the Main Street Tax Certainty Act. CLICK HERE to view the Small Business Problems and Priorities report.
Background:
The 20% Small Business Deduction was created as a part of the 2017 tax law to level the playing field between small businesses and larger corporations. It has empowered small business owners to overcome the economic challenges of the last few years – but it’s set to expire at the end of 2025. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and avoid a massive tax hike on a majority of America’s small businesses. Learn more at www.SmallBizDeduction.com.
