NFIB Oklahoma is urging Congress to stop the massive tax hike on small business owners.
OKLAHOMA CITY (Aug. 20, 2024) – In a conversation with Fox 25’s Katie Arata, NFIB State Director Jerrod Shouse discussed the latest Small Business Problems and Priorities report, where inflation and federal taxes were ranked as Top-10 business problems. Shouse warned that if Congress doesn’t act, the 20% Small Business Deduction will expire in 2025, which would result in a massive tax hike for Oklahoma job creators.
“In 2017, Congress passed some tax cuts that were meant to help small business owners, including the 20% Small Business Deduction,” Shouse said. “A great many of our members take advantage of this provision, but it’s set to expire in 2025. They are really banking on Congress to do their job and pass the Main Street Tax Certainty Act. That is our number one goal in Capitol Hill.”
CLICK HERE to watch the full conversation. CLICK HERE to listen to NFIB’s new ad 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.
