Close discusses the top issues impacting small businesses ahead of NFIB’s Fly-In
WASHINGTON, D.C. (June 10, 2024) – This weekend, The Washington Times published an op-ed from NFIB President Brad Close highlighting NFIB’s 2024 Fly-In and urging Congress to take action on two essential issues affecting Main Street businesses nationwide. Close discusses the importance of the 20% Small Business Deduction, and the impact of the new beneficial ownership reporting requirements for small businesses.
Close writes:
“Every member of Congress pledges to help small businesses. But now is the time for our nation’s leaders – on both sides of the aisle – to really deliver. This is the message that hundreds of small business owners nationwide will deliver to Congress this week. My organization is bringing them to our nation’s capital because Main Street’s message is too important to ignore.
“The first and most important thing Congress should do is cut small businesses’ taxes permanently. The Small Business Deduction – the small business centerpiece of the 2017 tax cuts – expires next year. If lawmakers allow that to happen, Main Street will face an unprecedented tax hike…If the Small Business Deduction were made permanent, 90% of local businesses would find it easier to invest in their workers and communities. All Congress needs to do is pass the bipartisan Main Street Tax Certainty Act. The small business economic response would be immediate.
“The second thing Congress should do is end a particularly burdensome mandate – the ‘beneficial ownership’ reporting requirement. Created in 2021 and enforced since January, it’s 100% targeted at the smallest of small businesses, wrapping them in red tape while giving big business a pass. Under this mandate, more than 32 million small businesses must regularly send private personal information about their owners to a federal database. If they don’t, they face up to two years in prison and a $10,000 fine. Would any member of Congress like to tell a small business owner that they deserve to go to prison over this?”
Read the full op-ed here: https://www.washingtontimes.com/news/2024/jun/8/two-ways-congress-can-give-small-businesses-relief/
