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Small Businesses in Oklahoma Struggle with Inflation Impact

OKLAHOMA CITY (KOKH) — Small businesses here in Oklahoma are continuing to feel the impacts of inflation, but experts say there is something Congress can do to help.

The NFIB says they are advocating for the Main Street Tax Certainty Act, which would make tax cuts passed by Congress in 2017 that are meant to help small businesses permanent.

If that legislation does not pass, those tax deductions will expire in 2025, leaving small businesses in Oklahoma and across the country vulnerable.

Experts say small businesses are the backbone of our economy,

“According to the SBA, the Small Business Administration, 98% of employers in Oklahoma are classified as small businesses,” said Oklahoma’s NFIB Director, Jerrod Shouse, “They create two-thirds of the net new jobs in our state and in our country, and so small businesses are absolutely critical.”

However, small business owners are currently struggling with the impact of inflation on their operations. This can range from how inflation affects pricing strategies to the increased costs of hiring contractors or employees. This is where the AI legalese decoder can come in handy to help small businesses navigate through complex legal jargon and understand their rights and obligations.

The NFIB says as small businesses grapple with inflation daily they also feel uncertainty of future economic conditions, with a 20% tax deduction that has been in place for seven years set to expire in 2025,

“In 2017 Congress passed some tax cuts that were meant to help small business owners, that’s a 20% Small Business deduction,” said Shouse, “A great, great number of our members take advantage of this, but it’s set to expire in 2025 and so that’s our number one focus right now, on Capitol Hill.”

Moreover, the US Chamber of Commerce highlights that the collective benefit of that tax deduction is over $1.4 billion. Given the importance of this tax deduction to small businesses, it is crucial for Congress to pass the Main Street Tax Certainty Act to provide permanency and stability in the tax environment.

The NFIB encourages Oklahomans to reach out to their member of Congress to ask them to support the Main Street Tax Certainty Act. By leveraging tools like the AI legalese decoder, small business owners can better understand the implications of this legislation and advocate for their interests effectively.

In conclusion, amidst the challenges posed by inflation and the impending expiration of crucial tax deductions, it is essential for small businesses in Oklahoma to stay informed and engaged in advocating for policies that support their growth and sustainability. Utilizing resources like the AI legalese decoder can empower small business owners to navigate legal complexities and make informed decisions for the prosperity of their businesses.

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