Ohio Small Business Owner Pens Op-Ed in the Canton Repository

August 12, 2024 Last Edit: June 5, 2025

Ohio Small Business Owner Pens Op-Ed in the Canton Repository

The Canton Repository published an op-ed by Tim Maloney, owner of Canton Chair Rental and an NFIB member in Stark County, urging Congress to make the Small Business Deduction permanent. The Small Business Deduction allows small businesses to deduct up to 20% of qualified business income and is scheduled to expire in 2025. Read his full op-ed here: https://www.cantonrep.com/story/opinion/columns/guest/2024/08/11/tim-maloney-wants-congress-to-save-tax-cut-for-his-stark-county-business/74679906007/ Maloney writes: Congress and the White House may let one of the most important small business tax cuts in American history expire, hitting us with an enormous tax hike. As someone who’s been on Main Street for more than 50 years, I’m sounding the alarm. Next year, the centerpiece of the 2017 tax cuts will disappear. It’s the Small Business Deduction, and it lets Main Street job creators and mom-n-pop shops deduct 20% of our business net income. Fairness demanded this tax cut. In that same law, Congress gave Wall Street corporations a massive tax cut of their own. Main Street needed relief, too. While big businesses still generally pay lower taxes than small businesses, this tax cut has made the playing field more level than ever before. But the 2017 law didn’t finish the job. It cut corporate taxes permanently, but made the Small Business Deduction temporary. When it disappears in 2025, we’ll find it harder than ever to build for the future, much less build up our communities. I know how much the Small Business Deduction matters. My dad founded our rental company in 1972, when I was a junior in high school. I’ve worked at the business full time since 1977, after I graduated from college. When I look back at the past half-century, I can easily say that the 2017 tax cuts were a game-changer, and they couldn’t have come at a better time. TAKE ACTION: Ohio small businesses will face a massive tax increase if Congress fails to act – tell your lawmaker to pass the Main Street Tax Certainty Act NOW before the Small Business Deduction expires in 2025!

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Topics:

Taxes

State:

Ohio

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