Congress must pass the Main Street Tax Certainty Act to stop the small business tax hike.
LAREDO (Aug. 24, 2023) – “A lot of people put in their life savings to start a business,” U.S. Rep. Henry Cuellar (D-Texas) said on NFIB’s Small Business Rundown. “This is why the 20% Small Business Deduction, Section 199A, is so important to make sure that small businesses flourish and continue to grow. That will be, not only good for them, but it definitely will be good for the employee and for our economy.”
NFIB launched a new advocacy campaign emphasizing that small business owners use the deduction to reinvest in their businesses and plan for the future. Rep. Cuellar, one of the leaders in the U.S. House who introduced the Main Street Tax Certainty Act last month, explains the benefits of the legislation and its impact on small business owners in his district.
CLICK HERE to listen to the full conversation.
Background:
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025. The Small Business Deduction was created in the 2017 tax law to bring small businesses’ tax rates closer to that of their large, corporate competitors.
In a recent NFIB member ballot, 91% of NFIB members said they supported permanently extending the expiring provisions of the 2017 tax law. According to NFIB’s 2021 tax survey, nearly half of small business owners (48%) reported the uncertainty of expiring tax provisions is impacting their current or future business plans.
Learn more at www.SmallBizDeduction.com
