On the heels of the Administration releasing their 2021 budget proposal, NFIB President Brad Close weighs in with a column on CNN noting, “there is at least one provision of the Trump administration’s budget proposal that already has bipartisan backing: the extension of the 2017 small business tax cuts.”
Close outlines the bipartisan support enjoyed by the Main Street Tax Certainty Act, a bill currently in Congress that would make permanent the tax cuts that have led to record optimism among America’s small business owners.
“Surprising as it may seem, many of the provisions of the Tax Cuts and Jobs Act that lowered tax rates for small businesses were not made permanent. They are set to expire in 2025. One of the cuts these businesses especially rely on is the small business deduction, which allows most small businesses to deduct up to 20% of their taxable income,” writes Close.
The column dives into 2020’s first Small Business Optimism Index that showed small business job creation continuing to surge, earnings rising, and investment up. “Those are real victories for businesses and workers,” said Close. “But our members also tell us that they need the tax cuts made permanent, especially the small business deduction. Without it, they won’t be able to keep doing what they do best.”
To read the full CNN column, visit here.