NFIB President Brad Close has emphasized the importance of the Small Business Deduction for small businesses across the country in an editorial published by the Wall Street Journal. He stressed the need for Congress to pass the Main Street Tax Certainty Act to provide stability and support for small businesses to prosper and expand.
The Small Business Deduction, utilized by approximately nine out of 10 small businesses, allows for a 20% deduction of qualified business income. This tax cut, considered the largest for small businesses in history, helps to create a more level playing field in comparison to larger corporations. The savings from this deduction have enabled small businesses to create jobs, increase wages, and foster growth during a critical period for the U.S. economy.
Close advocates for the permanency of the small business deduction, asserting that small businesses require confidence in order to continue investing, expanding, and contributing to their communities. He highlights the bipartisan Main Street Tax Certainty Act as a solution to provide this much-needed assurance to small businesses, urging Congress to pass the bill promptly.
NFIB has identified making the Small Business Deduction permanent as its top policy priority for 2024. The Main Street Tax Certainty Act aims to make the 20% Small Business Deduction a permanent fixture and has been introduced in both chambers of Congress by Senators Steve Daines (R-MT) and Henry Cuellar (D-TX).
