‘If Congress doesn’t act, small businesses like mine will face a massive tax hike in 2025.’
WEIMAR (Sept. 7, 2023) – “The past few years have been tremendously difficult and at times, downright painful. Between this inflationary economy and the dramatic increases in property taxes, many small businesses are just doing everything they can to hold on,” wrote NFIB Small Business Owner Member Dana Sherrill in a letter to the editor of the Colorado County Citizen.
Describing the 20% Small Business Deduction as just one piece of policy working in their favor, Sherrill added that “the Main Street Tax Certainty Act introduced by Rep. Henry Cuellar (D-Texas), would make this deduction permanent, ensuring local job creators can continue to raise wages, grow their businesses, and meet the needs of their community.”
CLICK HERE to read the full letter. Excerpts are below:
Weimar Small Business Calls on Congress to Pass the Main Street Tax Certainty Act
Colorado County Citizen
September 6, 2023
Dana Sherrill
Readers are well acquainted with the difficulties of this economy. Although the challenges of owning and operating a small business have been exacerbated in recent years, the 20% Small Business Deduction has helped many of us stay afloat. […]
My husband and I started our small business in November 2019, right before the world shut down. […]
Here at Twisted Steel Design, we don’t just do custom work. We invite our customers to join in the fun, hosting various workshops and art classes in our community. Not only do these events foster a greater love for art, but they help support fellow small businesses in our area. […]
This all comes with various challenges. The past few years have been tremendously difficult and at times, downright painful. Between this inflationary economy and the dramatic increases in property taxes, many small businesses are just doing everything they can to hold on. […]
As we watch big box stores and retailers get sweetheart deals and our property taxes escalate, it feels as if the Small Business Deduction is the one policy provision that is working in our favor.
If Congress doesn’t act, this crucial tax break will expire, raising our taxes at a time when we can least afford it. […]
The Main Street Tax Certainty Act introduced by Rep. Henry Cuellar (D-Texas), would make this deduction permanent, ensuring local job creators can continue to raise wages, grow their businesses, and meet the needs of their community.
Please call or email your Congressional representative and Rep. Cuellar and let them know how important the Main Street Tax Certainty Act is to your community and local businesses and encourage them to reach out to their colleagues to ensure it passes. […]
A Texas native, Dana Sherrill owns and operates Twisted Steel Design, LLC in Weimar.
Background:
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025. The Small Business Deduction was created in the 2017 tax law to bring small businesses’ tax rates closer to that of their large, corporate competitors.
Introduced by U.S. Rep. Henry Cuellar (D-Texas), the Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent.
In a recent NFIB member ballot, 91% of NFIB members said they supported permanently extending the expiring provisions of the 2017 tax law. According to NFIB’s 2021 tax survey, nearly half of small business owners (48%) reported the uncertainty of expiring tax provisions is impacting their current or future business plans.
Learn more at www.SmallBizDeduction.com
