Job creators express support for the bipartisan Main Street Tax Certainty Act, a bill to stop the massive tax hike on small businesses.
LAREDO (Dec. 11, 2023) – U.S. Rep. Henry Cuellar (D-Texas) participated in a roundtable discussion at Saludos Brewing Co., an NFIB small business. There, local job creators expressed their support for the Main Street Tax Certainty Act, a bipartisan bill supported by Rep. Cuellar to stop the massive tax hike on small business owners by making the 20% Small Business Deduction (Section 199A) permanent.
“I’ve seen firsthand in South Texas how small businesses serve as economic engines for their communities. And oftentimes, entrepreneurs will put everything on the line to start one,” said Congressman Henry Cuellar. “Making the 20% Small Business Deduction permanent is an important step to ensuring our local small businesses are successful. I’ll keep fighting for Main Street so every member of our community can thrive. Thank you to NFIB for partnering with me on this event and for being a strong voice for our small businesses.”
“Small businesses are facing a lot of uncertainty right now,” NFIB Manager of Federal Government Relations Josselin Castillo said. “The looming expiration of the 20% Small Business Deduction in 2025 might seem far off, but for our job creators, it’s just around the corner. Passing the Main Street Tax Certainty Act would provide more certainty for small businesses as they plan for the future. We’re grateful Rep. Cuellar has championed this legislation in the House and look forward to working with him and his colleagues to get it across the finish line.”
“Our members are grateful for the opportunity to share what’s on their mind,” NFIB State Director Jeff Burdett said. “As a small business champion, Rep. Cuellar understands the challenges our job creators face. Passing the Main Street Tax Certainty Act would ensure small business owners here in Lardo and across the state can continue to expand their businesses, raise wages, and invest in their communities.”
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.
In August, NFIB launched an advocacy campaign emphasizing that small business owners use the deduction to reinvest in their businesses and plan for the future. While appearing on NFIB’s Small Business Rundown, Rep. Cuellar highlighted the benefits of the Main Street Tax Certainty Act and how would impact small business owners in his district and across the country. CLICK HERE to listen to the full conversation.
Learn more at www.SmallBizDeduction.com
