Tax Season Summit: Small Businesses & Experts Talk Tax Increase Debates

Date: April 26, 2021

Watch on-demand: Tax summit showcases small business owners’ stories, experts’ outlooks

On Thursday, April 15 in a small business tax summit event co-hosted by NFIB and the S-Corp Association, U.S. Senator Steve Daines, small business owners, and tax experts discussed the upcoming tax debates in Congress and their potential impact on America’s Main Street businesses. The recorded virtual event is now available on-demand.

Keynote speaker: U.S. Sen. Steve Daines

The summit began with remarks from U.S. Senator Steve Daines of Montana, who encouraged small business owners to speak up. “The most important thing is to make sure you’re engaged with your respective Senator or member of Congress and make sure your voice is heard, it’s phone call, it’s a letter, it’s an email… the louder you can be, the better.” Sen. Daines added, “Listen, you make a difference. Bad government is a result of when good people don’t act.”

Watch Sen. Daines’ Complete Keynote Remarks

Panel 1

Four small business owners from across the country shared their views on how the changes from the 2017 tax law have impacted their business operations, and how newly proposed changes to tax policy could affect their plans, their employees, and their communities. Hear from small business owners Sandra Finch of Texas, Jeanne Bell of Massachusetts, Stephanie Camarillo of Idaho, and Steve Ferree of Oregon.

For example, Stephanie, an NFIB member and owner of a professional cleaning service in Idaho, described how the Small Business Deduction impacted two employees specifically, and said, “$7,000 of tax savings for us was able to be reinvested in two people, and it will make a change in their lives and their families’ lives for the future.” 

Steve, an NFIB member and small business owner in Oregon wrapped up one of his comments with encouragement to keep workers and owners at the center of tax debates. He said, “When we look at taxes… we forget about the human side of it, and I think that’s really important to know that you’re not just taxing the business… you’re impacting not just the owner. You’re impacting the employees, too. So we’ve always tried to do things that take care of our employees because that’s really the base of a business… We reinvest in our business.”

Watch Panel 1: Q&A With Small Business Owners

Panel 2

Three tax policy experts offer an in-depth discussion on where tax policy is headed and what public polling says about Americans’ opinions on taxes. Chris Smith of the Main Street Employers Coalition, David Winston of the Winston Group, and George Callas of Steptoe discuss:

  • What should business owners be concerned about in the coming tax hike debate?
  • Will Congress focus on corporations only, or extend the tax hike to include individuals and small businesses?
  • What tax policies do voters support and what policies do they oppose?

Watch Panel 2: The Tax Policy Outlook

Take Action: If you’re a small business owner, NFIB wants to hear how your business, employees, and community benefit from the Small Business Deduction. Click here to answer a few short questions.

Related Content: Analysis | Economy | National | Taxes

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