NFIB: Latest Effort To Limit Small Business Deduction Would Hurt Small Businesses

Date: July 20, 2021

WASHINGTON, D.C. (July 20, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in response to Senator Ron Wyden’s new proposal to limit the Small Business Deduction: 

“Senator Ron Wyden’s proposal to limit the Small Business Deduction and raise taxes on small businesses is the wrong plan at the wrong time,” said NFIB Vice President of Federal Government Relations Kevin Kuhlman. “Curtailing the Small Business Deduction would directly hurt small businesses’ ability to hire, invest in their businesses, increase employees’ compensation, and threatens the fragile economic recovery. Over 90 percent of small business owners support making the deduction permanent. NFIB opposes limiting the Small Business Deduction and hiking taxes on small businesses.”

“This new plan is also a divergence of President Biden’s tax proposals, which do not include any cuts to the Small Business Deduction, because now is not the time to raise taxes on small businesses,” Kuhlman added. “The administration and Congress should focus on solutions to help small business owners recover from the pandemic.”

Related Content: Press Release | National | Taxes

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