NFIB President Brad Close recently discussed the significance of the 20% Small Business Deduction on The Lars Larson Show. During the interview, Close emphasized how this tax provision benefits middle-class small business owners by enabling them to grow their businesses, hire employees, raise wages, and contribute to their communities.

“When you look across communities in America, it’s your local small businesses that play such a crucial role in the economy of every single community. This provision simply allows your local small businesses to keep a little more of their hard-earned money in the business so they can create jobs, raise wages, buy equipment, and also support the local community,” said Close.

He further explained, “We’re not talking massive chunks of change that they’re allowed to keep. For many small businesses, this provision may result in them being able to keep three, four, five, six, seven thousand dollars more in their business…but to them, it’s a lot of money. And it enables them to do really good things.”

Close highlighted that tens of millions of Americans are employed by small businesses currently facing a significant tax increase if the deduction expires at the end of 2025. He urged listeners to recognize the importance of making this provision permanent.

The National Federation of Independent Business (NFIB) has released two reports detailing the benefits of extending the 20% Small Business Deduction. Created as part of the 2017 Tax Cuts and Jobs Act to level the playing field between small businesses and larger corporations, this deduction is crucial for over 30 million small businesses nationwide. The Main Street Tax Certainty Act aims to make this deduction permanent and prevent a substantial tax hike.

Further information can be found at www.SmallBusinessDeduction.com.