In an interview with NFIB member and radio host Dr. Randy Tobler, NFIB Federal Government Relations Director Jeff Brabant urged listeners to take action and ask Congress to stop the small business tax hike.

“If you’re a small business owner and listening right now, your taxes are going to go up significantly in two short years if Congress doesn’t act,” Brabant said. “And that’s because under the Tax Cuts and Jobs Act, there are a few major provisions, including a small business deduction, which is a 20% deduction for small business owners that they can take if they are a pass-through business. […] Unfortunately, this expires in just two years at the end of 2025.”

During their conversation, Brabant also warned listeners about new beneficial ownership regulations that will take effect on January 1, 2024.

“This is going to present a lot of burdens for people. If you have 32 million business owners going into a database, this is primed to be hacked. You’re going to have the driver’s license of all 32 million business owners in year one, with five million business owners annually after that,” Brabant said. “When we surveyed our members recently, 90 percent still aren’t aware of it. We really hope this thing gets delayed, we’re hoping to repeal it. But at a minimum, we hope that the Financial Crimes Enforcement Network (FinCEN) and Treasury slow down here.”

CLICK HERE to listen to the full interview.