New reports show impact federal tax deduction has on Main Street businesses
NFIB State Director Gregg Thompson says a pair of NFIB reports underscore the impact the 20% Small Business Deduction would have on North Carolina’s economy. The deduction, which passed in 2017, will expire in 2025 unless Congress votes to make it permanent.
The reports didn’t drill down to the state level, but Thompson said the findings indicate what saving the deduction would mean to local businesses.
“Small business is the foundation of North Carolina’s economy. This deduction has enabled local businesses to overcome many of the economic challenges they’ve faced over the past several years,” he said.
“If this deduction is allowed to expire in 2025, nine of out 10 Main Street businesses would see a massive federal tax increase that would make it harder for them to create jobs, serve their customers, and support their communities.”
