NFIB State Director Jeff Burdett warns against a massive tax hike on Texas small businesses in the Dallas Morning News.
DALLAS (Oct. 3, 2024) – In an op-ed for the Dallas Morning News, NFIB State Director Jeff Burdett urges Congress to make the 20% Small Business Deduction permanent, which is set to expire in 2025.
Warning against a massive tax hike on small business owners, Burdett writes:
“A recent analysis released by EY — formerly Ernst & Young — and the NFIB illustrates just how important this small-business deduction is to the Lone Star State’s economy. The report found that making the deduction permanent would create 104,000 jobs each year for the first 10 years, and 201,000 every year thereafter.
“If Congress allows the small-business deduction to expire, it will leave Main Street businesses at a competitive disadvantage against large corporate competitors. And as this new analysis makes clear, failing to make the small-business deduction permanent also will put millions of jobs and billions in economic growth across this country at stake.”
CLICK HERE to read the full op-ed. Excerpts are below:
Congress must stop this small-business tax hike
Dallas Morning News
By: Jeff Burdett
October 3, 2024
The inflation we have all experienced over the past several years keeps many Texas small-business owners awake at night. Local job creators recently ranked the cost of supplies and inventories as their second most-pressing problem — moving way up from its ranking as 12th in 2020 — in a report from the National Federation of Independent Business (NFIB). […]
Congress enacted the small-business deduction to help level the playing field between Main Street businesses and big corporations, but the big-business tax cuts were made permanent, and the small-business deduction wasn’t. This cut will expire in 2025. […]
Following the law’s implementation, small-business owners told us they used the tax savings to increase employee pay, expand their business operations and hire additional employees.
A recent analysis released by EY — formerly Ernst & Young — and the NFIB illustrates just how important this small-business deduction is to the Lone Star State’s economy. The report found that making the deduction permanent would create 104,000 jobs each year for the first 10 years, and 201,000 every year thereafter.
If Congress allows the small-business deduction to expire, it will leave Main Street businesses at a competitive disadvantage against large corporate competitors. And as this new analysis makes clear, failing to make the small-business deduction permanent also will put millions of jobs and billions in economic growth across this country at stake.
A tax increase of this magnitude would force small businesses to make drastic cutbacks. Faced with a larger tax bill, small businesses would have to hold the line on wages and benefits, halt growth plans and possibly cut jobs. […]
That’s why Texas small businesses are asking Congress to pass the Main Street Tax Certainty Act. This bipartisan bill would make the small-business deduction permanent. […]
The Main Street Tax Certainty Act has bipartisan support in Congress and among the Texas Congressional delegation because it creates needed certainty in the tax code for small businesses. […]
When we help small businesses, we help everyone.
