Small Business Owners Converge on Capitol Hill to Stop a Massive Tax Hike on Small Businesses

September 24, 2024

Small Business Owners Converge on Capitol Hill to Stop a Massive Tax Hike on Small Businesses

WASHINGTON, D.C. (Sept. 24, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, is hosting its 2024 Small Business Deduction Summit this week on Capitol Hill. Small business owners are traveling to the nation’s capital to share why Congress must make the 20% Small Business Deduction permanent for America’s 33 million small businesses. A new Ernst & Young (EY) macroeconomic analysis, released in conjunction with NFIB, shows that making the deduction permanent will create more than 1.2 million jobs and increase our GDP by $75 billion every year for the next 10 years, and even more after that. “The 20% Small Business Deduction allows nine out of 10 Main Street job creators to compete, grow their business, hire new workers, raise wages for their employees, and give back to their communities,” said NFIB President Brad Close. “This week, small business owners will share one message with lawmakers directly: stop the massive tax hike on small businesses. We look forward to connecting with Members of Congress and sharing more about the importance of making the 20% Small Business Deduction permanent.” A recent survey of NFIB members also highlighted that 61% of small business owners reported that eliminating the 20% Small Business Deduction would mean they would likely raise prices, 44% said they would postpone or cancel capital investments, and 36% said they would postpone or cancel hiring additional employees. Small business owners will share their top concerns in meetings with lawmakers while primarily advocating for passage of the Main Street Tax Certainty Act to stop a massive tax hike on small businesses and make the Small Business Deduction permanent before it expires in 2025.

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