NFIB President Brad Close, in an editorial published in The Wall Street Journal, emphasized the significance of the 20% Small Business Deduction for Main Street businesses across the nation. Close urged Congress to pass the Main Street Tax Certainty Act in order to provide stability and support for small businesses.
Close highlighted the impact of the Small Business Deduction, stating, "The deduction, which about nine in 10 small businesses use, allows for a 20% deduction of qualified business income. It’s the biggest tax cut for small businesses in history, helping level the playing field against large corporations." He further emphasized how the deduction has facilitated job creation, wage increases, and overall growth in the U.S. economy.
Expressing the need for certainty and confidence for small businesses, Close pointed out, "Small businesses don’t need a cycle of uncertainty every few years, worrying if Congress will or won’t protect their relief. They need the confidence to continue investing, expanding, and improving their communities." He advocated for making the small business deduction permanent as a means to provide assurance and stability for small business owners.
NFIB's "Top 10 Policy Priorities for 2024" underscored making the Small Business Deduction permanent as a key agenda item. The Main Street Tax Certainty Act, introduced in both the U.S. Senate and House, aims to solidify the 20% Small Business Deduction permanently. Senator Steve Daines and Representatives Lloyd Smucker and Henry Cuellar have championed this bipartisan bill.
In conclusion, Close urged Congress to take prompt action, stating, "The best way to give them that confidence is to make the small business deduction permanent. There’s already a bipartisan bill to make it happen: the Main Street Tax Certainty Act. Congress should pass it immediately."
Further details and the full op-ed by NFIB President Brad Close can be accessed at: [Read the full op-ed here](https://www.wsj.com/articles/small-business-trump-tax-cuts-cfcaf7ec)
