AUDIO: NFIB’s Jeff Brabant Joins Bloomberg’s Talking Tax Podcast
AUDIO: NFIB’s Jeff Brabant Joins Bloomberg’s Talking Tax Podcast
January 23, 2025
Brabant highlights importance of making the 20% Small Business Deduction permanent
WASHINGTON, D.C. (Jan. 23, 2025) – NFIB Vice President of Federal Government Relations Jeff Brabant recently joined Bloomberg’s Talking Tax Podcast with Bloomberg Tax reporter Zach Cohen. On the podcast, Brabant discussed the importance of making the 20% Small Business Deduction permanent to avoid a massive tax hike on a majority of America’s small businesses, which is scheduled to happen at the end of this year.
Brabant shares how this crucial deduction helps Main Street and levels the playing field between small businesses and their large corporate competitors. Brabant also details how small business owners will respond if Congress fails to act.
Listen to Brabant’s interview here.
“In 2021, 26 million small businesses [used the 20% Small Business Deduction]. And those are just small businesses as defined by the Small Business Administration. Sure, some of the benefits go to larger independent businesses, but the fact of the matter is this has been a big win for the small business community, and it’s been very beneficial to small business owners.”
“NFIB has surveyed [our members] earlier this year and asked, ‘what would you do if this goes away and individual rates go up as well?” And what the small business owners in the survey said is over 60% would increase prices. That was the biggest takeaway. Over 40% would delay or cancel capital investments, and over 20% would potentially have to decrease compensation. So, there’s going to be significant consequences if this changes.”
The 20% Small Business Deduction was created as a part of the 2017 tax law to level the playing field between small businesses and larger corporations. If Congress fails to act, taxes will increase on over 30 million small businesses at the end of 2025. The Main Street Tax Certainty Act would make the Small Business Deduction permanent and avoid a massive tax hike on a majority of America’s small businesses.
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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 nonprofit, nonpartisan, and member-driven. Since our 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 is a member-driven organization advocating on behalf of small and independent businesses nationwide.
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