What this means: The NFIB has released a new video explaining the impact of the 20% small business tax deduction and why it should be made permanent.
Our opinion: “If Congress fails to act, 33 million small businesses will face a massive tax increase at the end of 2025. Failure to make the small business deduction permanent would limit Main Street’s ability to grow, hiring new workers, providing for its employees and giving back. to their community. The ripple effect of this financial hit will extend nationwide,” said Jeff Brabant, NFIB vice president of federal government relations.
Take action: Join other small business owners on NFIB’s number one priority: making the 20% small business deduction permanent.
Small businesses are the foundation of the American economy. At the end of this year, nine out of 10 small businesses will face a massive tax increase if the 20% small business tax deduction expires. The NFIB has published a new video explaining how the expiring deduction works and the positive effects if Congress made it permanent by passing the Main Street Tax Certainty Act.
The video explains how this crucial deduction helps Main Street level the playing field between small businesses and their larger corporate competitors. It helps small businesses overcome economic challenges, but it will expire at the end of 2025.
To find out more, Watch the NFIB’s new explainer video on the small business deduction and visit the NFIB website for the latest news on legislation to make the deduction permanent.