How the Small Business Deduction Helps the Economy

August 1, 2024

Small Business Deduction helps owners support their local communities

How the Small Business Deduction Helps the Economy

What it means: NFIB pushes to make the 20% Small Business Deduction permanent to stop the massive tax hike while lawmakers are back in their home states in August. Our take: NFIB continues to fight for the crucial 20% Small Business Deduction’s permanency through advocacy efforts including a petition to Congress that has reached over 78,000 signatures. Take Action: Join the fight for the Small Business Deduction and sign NFIB’s petition.

TAKE ACTION

NFIB members continue to fight for the 20% Small Business Deduction to be made permanent by growing the petition to over 78,000 signatures. West Virginia and Missouri members wrote opinion editorials on what is at stake if the Small Business Deduction expires and how this deduction is beneficial. NFIB member Kyle Lindsey, owner of Bob’s American Store & Café, wrote an opinion editorial in The Exponent Telegram explaining how losing the deduction would hurt his business. “If our tax cut disappears, we’ll suffer. We won’t be able to grow as fast. We’ll pay more for the food and goods we buy from other small businesses. They’ll be suffering, same as us. And as they raise prices, we’ll have to do the same.” The Small Business Deduction is set to expire at the end of 2025 if Congress does not act. NFIB member Rodney Wideman wrote an opinion editorial in the St. Louis Post-Dispatch explaining the benefits of the Small Business Deduction. “The moment the small-business deduction went into effect, I was able to grow my business like never before. I started hiring more workers. I started covering 100% of their healthcare costs and offering a Health Savings Account. I was even able to establish a matching 401k plan.” Now is the time to act! NFIB is increasing the pressure on Congress to stop the massive tax hike on small businesses with events around the country during their August recess. Sign NFIB’s petition, write a letter to Congress, and stay up-to-date on the latest Small Business Deduction news. “I realize that politicians like to wait until the last minute, but their failure to act immediately is already hurting small businesses. We have to plan years ahead, and right now, we don’t have the certainty and confidence to make big investments,” explained Nathan Garden, owner of Versa Tags, in an opinion editorial in the Kansas City Star. TAKE ACTION: Urge Congress to make the Small Business Deduction permanent by joining over 78,000 small business supporters in signing NFIB’s petition.

TAKE ACTION

Topics:

Taxes

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