U.S. House Committee Hears Testimony on the Small Business Economy

September 18, 2023

NFIB’s Holly Wade testifies before the U.S. House Committee on the economic challenges facing small businesses

U.S. House Committee Hears Testimony on the Small Business Economy

One of the many ways NFIB advocates on behalf of small businesses is by testifying before members of the U.S. House on legislative issues under consideration that impact small businesses. NFIB Research Center Executive Director Holly Wade testified before the U.S. House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access in a hearing titled “Enabling Success: Examining the Competitive Landscape for Small Businesses.”

“Small businesses appreciate the opportunity to discuss opportunities for Congress to create an environment for small businesses to grow and flourish,” said Wade. “Small businesses continue to face economic headwinds including stubbornly high inflation, supply chain disruption, and pervasive workforce shortages. These headwinds all affect the competitive landscape for small businesses.” Wade explained the economic challenges facing small businesses nationwide, including the increasing cost of financing, onerous regulatory burdens, and the impending expiration of the 20% Small Business Deduction. “Small business owners’ ability to grow and successfully operate their business are also constrained by unprecedented growth of burdensome regulations and red tape under the Biden Administration and the looming expiration of the 20% Small Business Deduction (also known as Section 199A) at the end of 2025,” explained Wade. Without Congressional action, millions of small businesses across the country face a massive tax increase when the Small Business Deduction expires in 2025. This tax increase threatens the ability of small businesses to plan and grow their operations, as nearly half of small business owners (48%) reported the uncertainty of expiring tax provisions is impacting their current or future business plans. “Small businesses need certainty to successfully invest, grow, and operate their business. Congress can help mitigate the many economic challenges facing small businesses by providing relief from burdensome regulations and eliminating the threat of tax increases.” Wade asked Congress to consider the following proposals:

Provide tax certainty for small businesses
Provide paperwork relief
Provide relief from burdensome regulations and red tape
Increase competition and choice in healthcare

Wade’s full testimony, and a video of her testifying, are available. Read more from our press release, and watch Wade’s full testimony. Take Action: Urge your Senators and Representatives to co-sponsor the Main Street Tax Certainty Act to make the Small Business Deduction permanent.

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Topics:

Economy

Research

Taxes

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