Elden Johnson, a small business owner from Minnesota and a member of the National Federation of Independent Business (NFIB), addressed the U.S. House Committee on Small Business. The hearing, titled "The Golden Age: Unleashing Main Street Through Deregulation," focused on how Congress could assist small businesses by reducing regulatory burdens.
Johnson highlighted the significant challenges that recent regulatory compliance costs have posed to small businesses. He attributed these increased burdens to actions taken by the Biden Administration, which he claimed added "$1.8 trillion in new regulatory compliance costs and added 356 million paperwork hours on the private sector."
Johnson expressed that small businesses like his own often struggle to manage these complexities due to a lack of resources. "I do not have a compliance officer or lawyer to navigate complex laws and regulations. Those responsibilities, and many others, fall on me as the business owner," he stated.
A key concern for Johnson and many similar businesses is the impending expiration of the 20% Small Business Deduction, a provision of the 2017 Tax Cuts and Jobs Act. Johnson warned of the uncertainty this creates, stating, "The looming expiration of key provisions of the 2017 Tax Cuts and Jobs Act, specifically the 20% Small Business Deduction, creates uncertainty about whether my taxes will go up next year."
Johnson called on Congress to implement the Main Street Tax Certainty Act to secure financial stability for the majority of small businesses: "Congress can help small businesses like mine by passing the Main Street Tax Certainty Act to prevent a massive tax hike on 9 out of 10 small businesses."
The NFIB, established in 1943, continues to advocate for small and independent businesses across the United States, with a presence in Washington, D.C. and all 50 state capitals.
For more information about NFIB, visit nfib.com.
###
