The National Federation of Independent Business (NFIB) is holding its 2024 Small Business Deduction Summit on Capitol Hill this week. Small business owners are gathering in Washington, D.C., to urge Congress to make the 20% Small Business Deduction permanent for America's 33 million small businesses.

A new macroeconomic analysis by Ernst & Young (EY), released alongside NFIB, indicates that making the deduction permanent could create over 1.2 million jobs and boost GDP by $75 billion annually for the next decade.

NFIB President Brad Close stated, "The 20% Small Business Deduction allows nine out of 10 Main Street job creators to compete, grow their business, hire new workers, raise wages for their employees, and give back to their communities." He added, "This week, small business owners will share one message with lawmakers directly: stop the massive tax hike on small businesses. We look forward to connecting with Members of Congress and sharing more about the importance of making the 20% Small Business Deduction permanent."

A recent survey of NFIB members showed that 61% of small business owners would likely raise prices if the deduction were eliminated. Additionally, 44% indicated they would postpone or cancel capital investments, and 36% said they would delay or cancel hiring additional employees.

During meetings with lawmakers, small business owners will express their concerns and advocate for the passage of the Main Street Tax Certainty Act to prevent a significant tax increase on small businesses and ensure the permanence of the Small Business Deduction before it expires in 2025.