Elden Johnson, Minnesota Small Business Owner and member of the National Federation of Independent Business (NFIB) testified before the U.S. House Committee on Small Business at a hearing titled, “The Golden Age: Unleashing Main Street Through Deregulation.” Johnson spoke on solutions Congress must enact to provide much-needed regulatory protections for small businesses. Johnson also urged Congress to provide small businesses with economic certainty that taxes will not increase at the end of the year when the 20% Small Business Deduction is set to expire.

Read Johnson’s full testimony here. Watch his opening statement here.

“One major headwind for small businesses is the unprecedented regulatory burden imposed on us over the last four years. The Biden Administration added $1.8 trillion in new regulatory compliance costs and added 356 million paperwork hours on the private sector,” said Johnson.

“These compliance costs disproportionately impact small businesses like mine. I do not have a compliance officer or lawyer to navigate complex laws and regulations. Those responsibilities, and many others, fall on me as the business owner.”

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“Although small businesses remain optimistic, there are warning signs on the horizon. The looming expiration of key provisions of the 2017 Tax Cuts and Jobs Act, specifically the 20% Small Business Deduction, creates uncertainty about whether my taxes will go up next year. Congress can help small businesses like mine by passing the Main Street Tax Certainty Act to prevent a massive tax hike on 9 out of 10 small businesses.”

“In addition to uncertainty caused by looming tax hikes, the onerous regulatory environment over the last four years has laid a wet blanket over the economy.”