Make The Small Business Deduction Permanent


Today, the Wall Street Journal published an op-ed from NFIB President Brad Close discussing the importance of the 20% Small Business Deduction for Main Street businesses nationwide. Close urges Congress to take action and pass the Main Street Tax Certainty Act to ensure that small businesses can grow and thrive.

Close writes:

“The deduction, which about nine in 10 small businesses use, allows for a 20% deduction of qualified business income. It’s the biggest tax cut for small businesses in history, helping level the playing field against large corporations. Its savings have helped small businesses create jobs, raise wages, and grow at a crucial time for the U.S. economy.

“Small businesses don’t need a cycle of uncertainty every few years, worrying if Congress will or won’t protect their relief. They need the confidence to continue investing, expanding, and improving their communities.

“The best way to give them that confidence is to make the small business deduction permanent. There’s already a bipartisan bill to make it happen: the Main Street Tax Certainty Act. Congress should pass it immediately.”

NFIB recently released a “Top 10 Policy Priorities for 2024” which included making the Small Business Deduction permanent as its top priority. The Main Street Tax Certainty Act, which would make the 20% Small Business Deduction permanent, was 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).

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