The National Federation of Independent Business (NFIB) is actively working to prevent a significant tax increase on small businesses by advocating for the permanence of the 20% Small Business Deduction. This deduction, which currently benefits nine out of ten small businesses, is set to expire at the end of 2025.
NFIB President Brad Close emphasized the organization's commitment to this issue in an interview with Punchbowl News. He outlined NFIB's strategy to avert a tax hike for small businesses, focusing on making the deduction permanent as their primary advocacy goal. The organization has already gathered 80,000 signatures from business owners nationwide in support of this effort.
Close stressed the importance of educating members of Congress about the potential impact on small businesses if the deduction expires. With a new Congress convening in January, NFIB aims to continue facilitating meetings between lawmakers and business owners. Additionally, they plan to take advantage of opportunities when legislators return to their home districts or states by organizing events where business owners can discuss how the deduction has benefited their operations and communities.
As part of its grassroots efforts, NFIB plans more events and tours for lawmakers at various businesses. They are also encouraging small business owners to share their experiences regarding the deduction's positive effects. Interested individuals can participate in The Hill’s upcoming webinar featuring discussions with small business leaders, tax experts, and policymakers about what might happen if the deduction ends.
The NFIB urges people to join over 95,000 others who have signed a petition asking Congress to make this critical tax benefit permanent.
