WASHINGTON, D.C. (May 24, 2024) – NFIB Vice President of Federal Government Relations Jeff Brabant joined Scripps News Live to discuss the challenges that small businesses are facing nationwide and what issues candidates should address to appeal to Main Street voters in upcoming elections.
Brabant shared insights from NFIB’s April SBET survey, highlighting how inflationary pressures and labor shortages remain significant hindrances for small firms in operating their businesses. He addressed the impact of onerous regulations on Main Street firms and emphasized the importance of making the 20% Small Business Deduction permanent.
“The things small business are most concerned about right now are inflation and access to a qualified workforce. So, I think they’d like to hear proposals from both candidates on how to lower inflation and how to help them get more workers. Another huge issue that’s really flying under the radar is that on January 1, 2026, we’re going to see a tax increase on over 90% of small business owners if Congress fails to act [and] the Small Business Deduction will go away…we would welcome more information from the candidates on how they’re going to address these issues,” Brabant said.
“Anything that will increase inflation is a real problem for small business owners right now. One of the big issues is the number of regulations coming out that have been a real problem for them. And, of course, we have a looming tax hike that can really, really be problematic next year.”
“I think [candidates] need to assure small business owners that their taxes will not go up…30 million small business owners are looking at a tax hike. The 20% Small Business Deduction is scheduled to expire…We can be looking at Main Streets seeing a tax hike while their huge corporate competitors do not. Which is really a huge issue of competition. I think we also need to take a pause on the regulatory state,” he added.
