The National Federation of Independent Business (NFIB) has announced its support for the Graham amendment to H.Con.Res 14, marking it as a key vote for the 119th Congress. This amendment, if enacted, would enable Congress to use the budget reconciliation process to make the 20% Small Business Deduction permanent.
Adam Temple, NFIB Senior Vice President for Advocacy, said, "In less than a year, taxes will increase on over 30 million small businesses if Congress fails to act." He emphasized that the budget reconciliation process is crucial for preventing a tax increase on small employers and making the deduction permanent. According to Temple, nearly 26 million small businesses claimed this deduction in 2021. If made permanent, it could potentially grow the economy by $750 billion over ten years and add 1.2 million jobs annually.
Temple further added that "making the 20% Small Business Deduction permanent is the most important action Congress can take to help small businesses this year." The NFIB strongly supports the Graham amendment and considers it an essential step towards achieving this goal.
For more information on NFIB's advocacy efforts and details about their support for this resolution, visit their website at nfib.com.
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