NFIB experts discuss the top federal advocacy issues facing small business in 2024
A new episode of the Small Business Rundown features NFIB President Brad Close and Vice President of Federal Government Relations Jeff Brabant. They discuss the top federal advocacy issues facing small business in 2024.
“When you look at the small business economy by itself in America, it is actually the third largest economy in the world behind our overall economy and China,” explained Close. “Small businesses create about half of new jobs and contribute about half of our GDP, so they really are equal players in our economic success with large business. That has to be front and center when Congress thinks about these kinds of things.”
They provide an outlook for the year ahead with numerous legislative and regulatory concerns being considered. Among those issues is the fight to make the 20% Small Business Deduction permanent.
“NFIB’s number one priority remains the Main Street Tax Certainty Act and the Small Business Deduction,” said Brabant. “By the end of 2025, over 30 million small business owners will see a tax hike if Congress doesn’t act.”
The 20% Small Business Deduction allows small businesses organized as pass-throughs (S corporations, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire at the end of 2025. The bi-partisan Main Street Tax Certainty Act, which would make the 20% Small Business Deduction permanent, was introduced in the U.S. Senate by Senator Steve Daines (R-MT) and in the U.S. House by Representatives Lloyd Smucker (R-PA) and Henry Cuellar (D-TX).
More information about the Small Business Deduction is available at smallbusinessdeduction.com. Take Action: Join fellow small businesses across the country by adding your name to our petition to prevent a massive tax increase at the end of 2025.