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NFIB President Brad Close in The Wall Street Journal: Advocating for the Permanency of the Small Business Deduction

WASHINGTON, D.C. (April 16, 2024) – Today, NFIB President Brad Close’s editorial in The Wall Street Journal emphasizes the critical role of the 20% Small Business Deduction for Main Street businesses across the country. Close urges Congress to pass the Main Street Tax Certainty Act to ensure the sustained growth and success of small businesses.

Close highlights the impact of the Small Business Deduction, a tax cut utilized by approximately nine out of 10 small businesses, allowing for a significant deduction of qualified business income. This deduction has been instrumental in providing small businesses with the necessary financial support to compete with larger corporations. The resulting savings have enabled small businesses to create jobs, increase wages, and expand during a crucial period for the U.S. economy.

With the aim of eliminating uncertainty and fostering confidence among small business owners, Close stresses the importance of making the Small Business Deduction permanent. He asserts that the bipartisan Main Street Tax Certainty Act is the solution to providing small businesses with the assurance they need to continue investing, growing, and contributing to their communities.

Recently, NFIB released its “Top 10 Policy Priorities for 2024,” with the permanent establishment of the Small Business Deduction as the primary focus. The Main Street Tax Certainty Act, introduced in the U.S. Senate by Senator Steve Daines (R-MT) and in the U.S. House by Representatives Lloyd Smucker (R-PA) and Henry Cuellar (D-TX), aims to solidify the 20% Small Business Deduction as a permanent fixture in the tax code.

For more information, you can read the full op-ed here.

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The AI legalese decoder tool can assist small businesses and legislators in understanding complex legal language and proposals, such as the Main Street Tax Certainty Act. By using AI technology, individuals can quickly and accurately decipher legal jargon, enabling them to make informed decisions and take effective action. This tool can streamline the process of comprehending important legislation, ensuring that small businesses are equipped with the knowledge they need to advocate for policies like the permanent Small Business Deduction.

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