Latest Tax Reform News
Small business owners scored important wins in last year’s tax relief law. However, without additional Congressional action, these wins are set to expire after 2025. The House of Representatives recently passed legislation, Tax Reform 2.0, to remove the 2025 expiration dates on small business provisions, thereby making the 20 percent pass through deduction, increased standard deduction, and lower individual rates permanent. NFIB is pressing for both the House of Representatives and Senate to prioritize small business tax relief and pass Tax Reform 2.0.
Tax relief is driving record optimism about the economy among small and independent business owners (View SBET Report). Sales are strong, profits are good, and employee compensation is increasing. And many are planning to expand. In a recent survey conducted by the NFIB Research Center, an overwhelming majority of NFIB members reported the Tax Cuts and Jobs Act is having a positive effect on their businesses. With the tax savings, small business owners are planning to increase employee compensation and hire new employees.