NFIB President & CEO Brad Close penned a new op-ed in The Hill explaining how plans to erode the Small Business Deduction would set a terrible precedent and open the door to further tax hikes on small businesses.
Close notes how the Small Business Deduction is one of the most important small business tax reforms in decades, and that if cut or ended, it would hurt small businesses from hiring, expanding, and potentially even staying open:
“Any tax hike would arrive when small businesses can least afford it. Nearly a quarter of small businesses say taxes already are the single biggest problem they face, and coming off the economic devastation of the pandemic and shutdowns, Main Street is struggling. Labor shortages are rampant. Historically high levels of small businesses are raising prices to cover supply chain disruptions and other challenges. With a tax hike, many would consider raising prices higher still. That’s no recipe for recovery. It’s an invitation to greater pain — for small businesses, their workers, and their customers alike.
“Eroding the Small Business Deduction would set a terrible precedent, opening the door to further tax hikes on small business, meaning further strain on the engine of our economy.”
Read the full op-ed here :