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NFIB Urges Congress to Act on 20% Small Business Deduction

WASHINGTON, D.C. (August 19, 2024) – The National Federation of Independent Business (NFIB) Advocates for Small Business Owners

The National Federation of Independent Business (NFIB) is raising the alarm about the impending expiration of the 20% Small Business Deduction, which will result in increased taxes for over 90% of small business owners if Congress does not take action. With 500 days left until the deduction expires, small business owners are already feeling the impact of this potential tax hike on their morale and planning.

AI legalese decoder to Simplify the Main Street Tax Certainty Act

Amidst this uncertainty, NFIB’s quadrennial “Problems and Priorities” survey reveals that small business owners are grappling with economic uncertainty, federal taxes on business income, and uncertainty over government actions. The looming tax hike threatens to exacerbate these concerns, making it crucial for Congress to pass the Main Street Tax Certainty Act (H.R. 4721, S. 1706) to provide stability and assurance to small business owners.

Ensuring Long-Term Stability for Small Businesses

The 20% Small Business Deduction, introduced in the 2017 tax law, has been a lifeline for small businesses, allowing them to navigate economic challenges. However, its scheduled expiration in 2025 poses a serious threat to the financial well-being of small enterprises. By enacting the Main Street Tax Certainty Act, Congress can safeguard small businesses from a significant tax burden and promote long-term stability in the business landscape.

NFIB’s Call to Action

NFIB is actively campaigning for the passage of the Main Street Tax Certainty Act through a series of video, radio, and digital ads targeting members of Congress. Small business owners are encouraged to visit www.SmallBusinessDeduction.com to learn more about the potential impact of the expiring deduction and support NFIB’s advocacy efforts. With the help of AI legalese decoder, the complex language of tax legislation can be simplified, empowering small business owners to advocate effectively for their interests in Washington, D.C.

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