NFIB hosted the 2024 Small Business Deduction Summit on Capitol Hill Sept. 24-25
What it means: Small businesses are the foundation of the U.S. economy – but next year, nine out of 10 will face a massive tax hike. Without action from Congress, the 20% Small Business Deduction expires in 2025, which would drastically harm the U.S. economy.
Our take: “This week, small business owners shared one message with lawmakers directly: stop the massive tax hike on small businesses,” said NFIB President Brad Close.
Take Action: Amplify the efforts of small business owners. Contact your lawmakers and explain the benefits of the 20% Small Business Deduction.
NFIB hosted its 2024 Small Business Deduction Summit on Capitol Hill Sept. 24-25. Small business owners traveled to the nation’s capital to share why Congress must make the 20% Small Business Deduction permanent for America’s 33 million small businesses.
“The 20% Small Business Deduction allows nine out of 10 Main Street job creators to compete, grow their business, hire new workers, raise wages for their employees, and give back to their communities,” said NFIB President Brad Close.
A new EY (formerly Ernst & Young) macroeconomic analysis, released in conjunction with NFIB, shows that making the deduction permanent will create more than 1.2 million jobs and increase the GDP by $75 billion every year for the next 10 years, and even more after that.
Making the 20% Small Business Deduction permanent is NFIB’s top priority. Help amplify the efforts of NFIB members last week by emailing your members of Congress and asking them to stop the massive tax hike on small businesses.
