July 1, 2026
Tax increases will stifle the small business economy
What it means: The U.S. Senate held a hearing about proposals that would place significant tax increases on small businesses. NFIB’s Beth Milito, Vice President of the Small Business Legal Center, spoke on behalf of small businesses urging Congress to avoid raising taxes and costs.
Our take: Congress can unleash small business growth by lowering costs and taxes on small businesses. Milito explained that several proposals claim to only affect millionaires but would also impact small businesses.
Take Action: Share how tax savings from the Small Business Tax Deduction benefit your business and employees!
Several Social Security proposals under consideration will prove costly for small businesses if passed and signed into law. NFIB’s Beth Milito, Vice President of the Small Business Legal Center, testified before the U.S. Senate to explore the realities of the proposed legislation and how it would affect small business.
Small businesses need tax certainty to have the freedom and flexibility to create long-term plans and grow their business. Proposals like the Social Security Expansion Act, which includes three major tax increases, will raise taxes on small businesses registered as pass-through entities, amounting to 85% of all small businesses. The additional tax burden will stifle the small business economy.
“Tax certainty will help businesses plan and increase small business confidence,” Milito said. “It is my hope that Congress will pursue reforms that promote economic growth, encourage workforce participation, and protect small businesses owners’ ability to invest and create new jobs.”
Read the full testimony to the U.S. Senate Committee or watch Milito’s opening remarks for more information.
Take Action: Share the benefits to your business since the Small Business Deduction became permanent.
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles
