Brad Close warns host Aaron Flint of massive tax increase ahead if Congress fails to act
FOR IMMEDIATE RELEASE
Contact: Ronda Wiggers, Montana State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
HELENA, Mont., Aug. 22, 2023—NFIB President Brad Close took to the Montana airwaves again to warn of a massive tax increase ahead, if Congress lets the Small Business Deduction expire in 2025.
Last Friday, Close told Montana Talks host Aaron Flint, “We’re starting to see that small business owners know that it’s going to expire in a couple of years, and they will start to adjust their spending and their growth plans … They know if this [the Small Business Deduction] goes away in 2025, they’re looking at a massive tax increase in 2026.”
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.
In a recent NFIB member ballot, 91% of NFIB members said they supported permanently extending the expiring provisions of the 2017 tax law. Learn more at www.SmallBizDeduction.com.
In a prior interview on KGVO Radio in Missoula, Close told host Peter Christian, “While Members of Congress are back in their states and districts in August, small business owners want them to understand the importance of making the 20% Small Business Deduction permanent.” Listen to the interview here.
Keep up with the latest on Montana small business at www.nfib.com/MT.
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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB Montana
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Twitter: @NFIB_MT
