NFIB President Brad Close recently appeared on Bill Martinez Live to discuss the significance of making the 20% Small Business Deduction a permanent fixture. He highlighted how this deduction benefits middle-class small business owners by enabling them to expand their businesses, hire more employees, increase wages, and contribute to their communities.

Close stated that in recent years, small business owners have faced challenges such as high inflation and costs, compounded by the economic difficulties following COVID-19. "The last few years [small business owners] have been dealing with very high inflation, high costs for all their goods, and the struggling economy coming out of COVID. So, really this provision – the 20% Small Business Deduction – has really empowered them to power through this and helped them get through the last few years of a really tough economy," he said. According to Close, this deduction allows these business owners to retain more of their earnings for reinvestment.

He emphasized that approximately 26 million small business owners are currently benefiting from this provision. "They exist already. They are out there working and creating economic growth and jobs," Close noted. He stressed the importance of renewing and making this part of the Tax Cuts and Jobs Act permanent.

Close also pointed out that small businesses play a crucial role in local communities by sponsoring events like concerts and parades. "It’s not the big guys…it’s the small businesses in communities all across America that are such a big part of what goes on in that community," he added.

The NFIB has released reports highlighting the advantages of extending this deduction beyond its current expiration at the end of 2025. The Main Street Tax Certainty Act aims to make it permanent, thereby preventing significant tax increases for over 30 million small businesses nationwide.

For further information, visit www.SmallBusinessDeduction.com.