The National Federation of Independent Business (NFIB), which serves as a prominent advocate for small businesses, has declared the Graham amendment to H.Con.Res 14 a critical NFIB Key Vote for the 119th Congress. NFIB expressed its support for the budget resolution via a letter sent to the U.S. Senate. If enacted, the resolution would enable Congress to utilize the budget reconciliation process to permanently establish the 20% Small Business Deduction.
"In less than a year, taxes will increase on over 30 million small businesses if Congress fails to act," stated Adam Temple, NFIB Senior Vice President for Advocacy. He emphasized that "the budget reconciliation process presents the best opportunity for Congress to prevent a tax increase on small employers and make the 20% Small Business Deduction permanent. The 20% Small Business Deduction was claimed by nearly 26 million small businesses in 2021. If made permanent, the deduction will grow the economy by $750 billion over the next ten years, while adding 1.2 million jobs each year. Over 91% of NFIB members support making expiring small business Tax Cuts and Jobs Act provisions permanent."
Temple further noted, "Making the 20% Small Business Deduction permanent is the most important action Congress can take to help small businesses this year. Passing the Graham amendment is the first step in achieving this outcome. NFIB strongly supports the Graham amendment to H.Con.Res.14 and it will be considered an NFIB Key Vote for the 119th Congress."
NFIB has long been an advocate for America's small and independent business owners both at the national and state levels. As a nonprofit, nonpartisan, and member-driven organization, NFIB has focused exclusively on the interests of small and independent businesses since its inception in 1943. Additional information can be found at nfib.com.
