Jeff Brabant, NFIB’s vice president of Federal Government Relations, appeared recently on WRNN Hot Talk 99.5 in Myrtle Beach to discuss the impact of the 20% Small Business Deduction on South Carolina’s economy.

“Small business owners have a lot to worry about right now with rising uncertainty that their taxes might go up next year,” Brabant told Joe Catenacci. “It’s something they shouldn’t have to worry about.”

A recent NFIB report found that South Carolina’s 507,000 small businesses could face significantly higher taxes if Congress does not make the 20% Small Business Tax Deduction permanent this year.

The report also highlights a stark contrast in tax rates between small businesses and their larger corporate competitors if the deduction is not made permanent. In South Carolina, the C-Corp tax rate would remain at 26%, while the small business rate would surge to 45.8%.

However, making the deduction permanent would lead to significant economic benefits, leaving the small business tax rate on a level playing field with its competitors. Additionally, South Carolina is projected to gain 18,000 new jobs annually over the next 10 years if the deduction remains in place, including an annual GDP increase of $838 million for the first decade and $1.73 billion per year beyond 2035. Click here to read the report.

Listen to Brabant’s full interview below.