Beth Milito, Vice President and Executive Director of the NFIB Small Business Legal Center, recently addressed the U.S. House Committee on Education and Workforce. The hearing, titled "Unleashing America’s Workforce and Strengthening Our Economy," focused on strategies to enhance the small business workforce.
Milito highlighted several key points in her testimony, stressing the significance of making the 20% Small Business Tax Deduction permanent. She stated that this measure would enable small businesses to continue investing in their workforce.
"Any small business owner can tell you: their workforce is their greatest asset," Milito remarked. She explained that the 2017 Tax Cuts and Jobs Act provided unique opportunities for expansion, job creation, and reinvestment in employees through the 20% Small Business Deduction. This tax relief benefited nine out of ten small businesses.
Milito elaborated on how NFIB members have utilized this tax relief. They have given bonuses to employees, hired new staff, coped with inflation, purchased equipment for safer work environments, maintained year-round employment, increased wages, contributed to communities, and enhanced benefits packages with health insurance options and retirement plans.
She also expressed optimism about future policies under the Trump Administration and 119th Congress but warned against potential threats such as increased regulatory burdens. "Congress and the Administration can deliver probusiness policies for small businesses," she noted but emphasized that they must avoid policies leading to uncertainty or additional red tape.
The NFIB has been advocating for small businesses across America since its founding in 1943. It remains committed to supporting independent business owners nationwide.
