What it means: NFIB sent a letter to the U.S. Senate in support of the budget resolution and made it a Key Vote for the 119^th Congress. The budget resolution will help make the 20% Small Business Tax Deduction permanent.

Our take: “In less than a year, taxes will increase on over 30 million small businesses if Congress fails to act. The budget reconciliation process presents the best opportunity for Congress to prevent a tax increase on small employers and make the 20% Small Business Deduction permanent,” said Adam Temple, NFIB Senior Vice President for Advocacy. 

Take Action: Tell Congress: Make the 20% Small Business Deduction permanent!

Passage of the U.S Senate budget resolution will help make the 20% Small Business Deduction permanent. NFIB sent a letter to the Senate highlighting small businesses support of the budget resolution and made the resolution an NFIB Key Vote for the 119^th Congress.

Congress will now be able to use the budget reconciliation process to prevent a massive tax hike on small employers and make the 20% Small Business Deduction permanent. “Making the 20% Small Business Deduction permanent is the most important action Congress can take to help small businesses this year,” said Adam Temple, NFIB Senior Vice President for Advocacy.

The Small Business Deduction was created to level the playing field between small and big business, but if it expires at the end of the year, nine out of 10 small businesses will face a tax hike, while the corporate tax rate remains the same.

“If made permanent, the deduction will grow the economy by $750 billion over the next ten years, while adding 1.2 million jobs each year. Over 91% of NFIB members support making expiring small business Tax Cuts and Jobs Act provisions permanent,” said Temple.

Learn more about the status of the 20% Small Business Deduction and listen to recent episodes of the Small Business Rundown to hear from small business owners about why this deduction is crucial and the numerous benefits it provides to their business, employees, and communities.

Take Action: Amplify the voice of small businesses on this issue and urge Congress to act now before it’s too late!