Every year in mid-April, the country seems to take a collective pause to focus on taxes. Although taxes are an issue for small businesses year-round, April 15th, the dreaded Tax Day, puts the issue front and center. For small businesses, it’s the first year filing taxes under the Tax Cuts and Jobs Act. It also puts a spotlight on the fact that the 199A Small Business Deduction that is saving small businesses so much, is not permanent.
That’s why we’re focusing on making sure Congress knows the massive benefit the Small Business Deduction is providing to our members. Congress’ Joint Committee on Taxation estimates this deduction saved small businesses some $27 billion in 2018. Over 10 years, it will enable small businesses to put an estimated $414 billion back into the small business economy.
Whether it was the farmer on the West Coast who was able to add new equipment or the transportation specialist in the Midwest who purchased new trucks, small businesses are telling us about the positive moves they’re now able to make thanks to tax savings. Your stories are powerful, making now a very opportune time to contact Congress to tell them exactly the kind of difference it made for your business.
As thrilled as we are about the Small Business Deduction, we’re not taking our eye off the ball on a number of other issues. Across the country, many legislative sessions are ongoing and your NFIB state directors continue to monitor and mobilize on issues like labor, taxes, and regulations. NFIB remains very involved in the current Supreme Court session, filing briefs on your behalf in cases related to your privacy and how agencies regulate small businesses.
As a member of NFIB, you’ve heard me say that we are the Voice of Small Business more than a few times. It’s more than a tagline, though. When I tell an elected official that I represent NFIB, they know that NFIB represents small and independent businesses exclusively, and that our policies are directed by you – the small business owner.
Whether it is a federal issue like tax relief or a state matter such as minimum wage, we can’t be successful without your voice and support. Time and again, you have risen to the occasion and we’ve seen results. Thank you for your involvement.