NFIB's Duggan talks taxes and the job market on CNBC

Date: May 15, 2019

Being the voice of small business means taking every opportunity to remind policymakers and the public of the massive influence that small business has on the economy. So NFIB President and CEO Juanita D. Duggan appeared on CNBC’s The Exchange to highlight how the small business relief in the Tax Cut and Jobs Act is helping millions of entrepreneurs overcome the challenges of a tight labor market, driving growth.

“Because of a lot of the things we did during that bill … small businesses were taking advantage of [the Small Business Deduction] for the first time,” Duggan explained. “And I’m hearing from NFIB members all over the country that they saved money…  they are using the money to raise wages. They’re using the money to train.”

A quarter of NFIB members report that their number one problem has been finding qualified applicants for open positions, but the new tax savings are allowing them to invest in hiring more workers, increasing wages and training. Entrepreneurs are enthusiastic — the NFIB Small Business Optimism Index rose to 101.8 in March, which is a historically high number.

RELATED: Learn more about tax relief at NFIB.com/taxes.

According to NFIB research, labor market indicators are improving, and the outlook for expansion and real sales is positive. There are also reports of rising earnings and capital spending plans have held steady. With no signs of recession on the horizon, Main Street is strong. Tax relief for small business undoubtedly played a crucial role in making that happen. Over the next decade, the small business relief will put $414 billion back into the economy — it’s the largest cut small business has ever seen.

NFIB will continue to work hard on behalf of the small business community make permanent this relief in light of the growing evidence of its positive impact. Learn more about what you can do here.

Related Content: Hear from the President | National

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