NFIB Research Center Executive Director Holly Wade discussed the September Small Business Economic Trends survey, highlighting growing concerns among small business owners. Inflation, rising financing costs, and potential tax hikes are contributing to an all-time high in uncertainty.
"Uncertainty hit an all-time high for our 50-year survey," Wade noted. She attributed this to the looming election and its implications for small businesses, alongside the possibility of a significant tax increase by the end of 2025.
The NFIB urges Congress to mitigate this uncertainty by making the 20% Small Business Deduction permanent. Wade joined Brad Smith of Yahoo! Finance to elaborate on these findings and their impact on small business operations.
"We’ve fallen off from kind of the stratosphere levels that we’ve seen over the last number of years," Wade stated. Despite a strong labor market as reported by small business owners, uncertainties could influence future decisions.
The potential expiration of the 20% Small Business Deduction in 2025 adds to concerns about increased tax rates. High inflation remains another pressing issue affecting small business planning.
For more details on these findings, watch Wade’s full interview. The NFIB encourages stakeholders to advocate for maintaining the deduction by contacting lawmakers in Washington, DC.
