Owner Jeffrey Wakeen explains why Congress should be made permanent
The Pittsburgh Post-Gazette published an op-ed by Jeffrey Wakeen, owner of Wakeen & Company and an NFIB member business in Harrisburg. He explains the importance of the Small Business Deduction and why Congress should make it permanent before it expires in 2025.
Read excerpts below:
Tax cuts for small businesses shouldn’t be another casualty of America’s left-right divide. Both parties should be able to agree that Main Street deserves a level playing field with Wall Street. The good news is that we’ve come close since 2017, when Trump and Congress signed the Tax Cuts and Jobs Act.
The most important part of that law is the Small Business Deduction. It lets job creators like me deduct 20% of our business income. Without that relief, big businesses would have gotten almost all the benefits of the law. They still might, because the corporate tax cuts from 2017 are permanent, while the Small Business Deduction expires next year.
…
Both Republicans and Democrats must fight to save Main Street. They can still bicker about what to do with other taxes, but when it comes small businesses, they all need to support tax cuts.
If Donald Trump, Kamala Harris, and congressional candidates promise to make the Small Business Deduction permanent, they’ll give job creators like me the confidence to keep growing and giving back.
But if they don’t make — and keep — that promise, then small businesses will have to make some tough decisions. We are the engine of the American economy. As the election approaches, we need to know which leaders will rev that engine, and which politicians will shut it off.
