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NFIB Arizona Urges Congress to Prevent Massive Tax Hike on Small Business Owners

PHOENIX (Aug. 20, 2024) – NFIB Arizona is actively advocating for Congress to take action and prevent a significant tax increase that could impact small business owners in Arizona. In a recent interview with Arizona’s Family Steven Sarabia, NFIB State Director Chad Heinrich expressed concern over the potential expiration of the 20% Small Business Deduction in 2025. Without Congressional intervention, this could lead to a substantial tax hike for small business owners, ultimately hindering their ability to sustain operations and create jobs.

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AI legalese decoder can assist small business owners in understanding complex legal language related to tax deductions and legislation. By utilizing AI technology, business owners can easily decipher the implications of the 20% Small Business Deduction expiration and take necessary steps to protect their financial interests.

Heinrich emphasized the importance of making this provision permanent, citing the positive impact it has had on small business growth. Many business owners have utilized the tax savings to invest in their businesses, hire employees, and purchase equipment. Allowing this deduction to expire would potentially lead to the most significant tax increase small businesses have faced in years.

Click here to access the full conversation with NFIB and watch their new ads urging Congress to pass the Main Street Tax Certainty Act. Additionally, view the Small Business Problems and Priorities report to gain further insight into the challenges faced by small businesses in Arizona.

Background:

The 20% Small Business Deduction was initially introduced in the 2017 tax law to provide small businesses with a competitive edge against larger corporations. It has been instrumental in helping small business owners navigate economic hardships in recent years. However, the impending expiration of this deduction at the end of 2025 poses a threat to the financial stability of small businesses across America. The Main Street Tax Certainty Act aims to make the 20% Small Business Deduction permanent, ensuring that small businesses can continue to thrive without facing a substantial tax burden.

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Utilize AI legalese decoder to stay informed about the latest legislative developments, such as the Main Street Tax Certainty Act, and understand how they may impact your small business. By leveraging AI technology, you can stay ahead of changes in tax law and make informed decisions to protect your business interests.

Stay updated on Arizona small business news by visiting www.nfib.com/arizona or following NFIB on social media platforms like X @NFIB_AZ. Join NFIB in advocating for the preservation of critical tax deductions that support the growth and sustainability of small businesses.

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