Washington, D.C. (April 11, 2019) – NFIB, the nation’s leading small business advocacy organization, issued the following statement on behalf of President and CEO Juanita D. Duggan following the release of the Main Street Tax Certainty Act, introduced today by United States Senator Steve Daines (R-Mont.), which makes the Small Business Deduction permanent. The Main Street Tax Certainty Act is a companion to bipartisan House legislation, H.R. 216.
“Small and independent businesses were clear about what they would do if given tax relief and they have put their words into action by creating jobs, increasing compensation, and expanding. Yet, unlike those for large corporations, the tax relief provisions for small businesses, primarily the Small Business Deduction, are set to expire. We applaud Senator Daines’ introduction of the Main Street Tax Certainty Act, legislation that would help provide certainty for America’s small businesses. This legislation is crucial for small businesses, and we urge the Senate to bring it to the floor for a vote.”
Key Small Business Deduction Facts:
- The Small Business Deduction has resulted in estimated savings of $27 billion in 2018 according to the Joint Committee on Taxation. It is projected to save $414 billion over ten years.
- In the small business half of the economy, 2018 produced 45-year record high levels of job openings, hiring plans, actual job creation, compensation increases (actual and planned), profit growth, and inventory investment.
- Since December 2017, when the Tax Cuts and Jobs Act was signed into law, and every month since, “taxes” is no longer cited as the Single Most Important Business Problem, according to NFIB’s monthly surveys of its members.
- Job creation among small businesses broke the 45-year record in February 2019 with a net addition of 0.52 workers per firm, according to NFIB’s monthly jobs report.