READ: Coming Tax Hike Could Cripple Small Businesses Like Mine

August 28, 2024

READ: Coming Tax Hike Could Cripple Small Businesses Like Mine

The South Florida Sun-Sentinel published an op-ed by Zack Magin, owner of Tropic Machine Products and an NFIB member in Ft. Lauderdale. He wrote about the importance of the Small Business Deduction for his business and what’s at stake if Congress doesn’t make it permanent. Read excerpts below: For my small business, the election’s stakes couldn’t be higher. As the owner-operator of a mom-n-pop manufacturing shop in Ft. Lauderdale, I’m looking at the possibility of a devastating tax hike, depending on who wins. My team and my ability to compete with big businesses will suffer if pro-tax-hike politicians get elected. That’s the last thing we—and Florida—need. This crisis has been coming since 2017. That’s the year that Congress passed the Tax Cuts and Jobs Act, which included the “Small Business Deduction.” Since then, job creators like me have been able to save 20% on our federal taxes. Why does that matter? Because until the Small Business Deduction, tax cuts almost always benefited big businesses, leaving shops like mine in the lurch. The Small Business Deduction finally changed that, giving us the relief we need to grow and do more. In fact, in the 34 years that we’ve been open, this is the first time I’ve seen Main Street get major relief, instead of just Wall Street. Read his full column here: https://www.sun-sentinel.com/2024/08/28/coming-tax-hike-could-cripple-small-businesses-like-mine-opinion/ TAKE ACTION: Florida small businesses will face a massive tax increase if Congress fails to act – tell your lawmaker to pass the Main Street Tax Certainty Act NOW before the Small Business Deduction expires in 2025!

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Topics:

Taxes

State:

Florida

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