Petition supports making the 20% Small Business Deduction permanent
The 20% Small Business Deduction is crucial for small business owners, but it is currently set to expire at the end of 2025. Small business owners are continuing to fight against a scheduled massive tax increase by speaking out and sharing the importance of the 20% Small Business Deduction. An important way small business owners are fighting for permanency is by signing NFIB’s petition to stop the massive tax hike.
The petition has officially hit 25,000 signatures and the number continues to grow. Ensuring the 20% Small Business Deduction remains permanent is the number one advocacy priority of NFIB and small business owners.
Created in the 2017 tax law to bring small businesses’ tax rates closer to that of their large, corporate competitors, the 20% Small Business Deduction expires at the end of 2025, while similar tax cuts for large corporations have been made permanent already. Introduced in both the House and Senate, the Main Street Tax Certainty Act will make the critical 20% deduction for small businesses permanent.
In 2021, nearly half of NFIB members said that uncertainty over the deduction was already affecting their business plans, meaning less investment in workers and local communities. Ninety-one percent of NFIB members said they support permanently extending the 20% Small Business Deduction.
It allows small businesses to deduct up to 20% of their qualified business income, which owners use to invest in their employees and plan for future business operations. Without it, small businesses will have to limit their plans to grow, invest, and hire and are unable to plan for the future of their business until they know whether or not this deduction is permanent. It is essential that Congress pass the Main Street Tax Certainty Act now.
Small business owners know they pay their fair share of taxes, and a massive increase after 2025 would be devastating. Listen to the Small Business Rundown for an interview with U.S. Congressman Henry Cuellar and Brad Close discussing the Main Street Tax Certainty Act in more detail. Learn more by visiting SmallBusinessDeduction.com.
Sign the petition: Join fellow small businesses across the country by adding your name to NFIB’s petition to show members of Congress the importance of making the Main Street tax cuts permanent.
Send a personalized message to your lawmakers: Now is the time to urge Senators and Representatives to co-sponsor and support the Main Street Tax Certainty Act by explaining how a tax hike would impact small businesses. Consider sharing how much your taxes will go up if the 20% Small Business Deduction expires (Line 13 of your Form 1040).