The National Federation of Independent Business (NFIB) hosted a press conference on Capitol Hill during its 2024 Small Business Tax Deduction Summit. The event featured NFIB President Brad Close, Senator Steve Daines (R-MT), and several small business owners who advocated for the passage of the Main Street Tax Certainty Act. This legislation aims to make the 20% Small Business Deduction permanent for America's 33 million small businesses.
The 20% Small Business Deduction, introduced as part of the 2017 tax law, is set to expire at the end of 2025. It was designed to level the playing field between small businesses and larger corporations. The proposed Main Street Tax Certainty Act seeks to prevent a significant tax increase for many small businesses by making this deduction permanent.
Senator Steve Daines emphasized the urgency of passing this act: “I am a champion for the ‘Main Street Tax Certainty Act.’ This is something we must pass because if we do not do this next year, many of the businesses, the small businesses across America, will face about a 30 percent increase in their taxes.”
He also highlighted how uncertainty over expiring tax provisions complicates planning for businesses: “One of the problems in Washington, D.C., is introducing uncertainty based on expiring tax provisions... They don’t know what D.C. is going to do.”
NFIB President Brad Close echoed these sentiments: “The small business owners here today are here to tell Congress that they need to pass the Main Street Tax Certainty Act... They know that if Congress doesn’t act, it’s going to mean higher taxes and a much more difficult environment for them.”
Beth Booth, owner of Spaces Renewed in San Diego, California, shared her concerns about inflation and rising costs affecting middle-class families: “When you think of small business, I’m asking you to think of me... We are asking Congress to act… and don’t commit to the climate of uncertainty.”
Candice Price from Home Team Auto Sales in Nebraska stated: “Small Businesses like ours are the foundation of the American economy... If this Deduction goes away... it can literally be the difference between a small business staying open or closing its doors forever.”
Michael Ervin from Coal River Coffee Company in West Virginia discussed reinvesting tax savings into his community: “We’ve taken the tax savings from [the deduction] and put them right back into the community... But without Congressional action, the deduction will expire.”
Neil Abramson from Massachusetts stressed that investment in teams and infrastructure would suffer without this deduction: “The Small Business Deduction has allowed us to invest in our team… It’s time for Congress to say, ‘It’s not about Wall Street; it’s about Main Street.’”
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