WASHINGTON, D.C. (Sept. 27, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, recently hosted a Capitol Hill press conference featuring Small Business Owners, Senator Steve Daines, and NFIB President Brad Close who called for passage of the Main Street Tax Certainty Act to make the 20% Small Business Deduction permanent.
FOX Business highlighted the press conference, featuring the small business owners who shared how the looming expiration of the 20% Small Business Deduction would impact their operations and Main Street communities.
Watch the segment here: https://youtu.be/J5_L0R2J7l8
FOX Business reports:
“Small business owners were on Capitol Hill today, urging lawmakers to permanently extend the Trump-era tax cuts. Specifically, the 20% Small Business Tax Deduction that….will ultimately go away if Congress does not act. The National Federation of Independent Business is here on Capitol Hill warning lawmakers what will happen if that tax cut goes away. Nine out of 10 small businesses they say use this Deduction, more than half of them would have to increase their sticker price without this Tax Deduction. Almost half of businesses said they would delay, or event cancel capital investments in their business, and around 30% said they would put off hiring new workers or stop hiring all together.”
A new EY macroeconomic analysis, released in conjunction with NFIB, shows that making the deduction permanent will create more than 1.2 million jobs and increase our GDP by $75 billion every year for the next 10 years, and even more after that.
A recent survey of NFIB members also highlighted that 61% of small business owners reported that eliminating the 20% Small Business Deduction would mean they would likely raise prices, 44% said they would postpone or cancel capital investments, and 36% said they would postpone or cancel hiring additional employees
