NFIB urges Congress to make the Small Business Deduction permanent

Jeff Brabant, NFIB Vice President of Federal Government Relations, spoke with WVNews reporter Damien Phillips on the Small Business Deduction and why Congress should make it permanent before it expires in 2025.

Phillips writes, “In 2017, the Tax Cuts and Jobs Act was passed which reduced the corporate income tax by 14%, moving it from 35% to 21%. To ensure small businesses were not at a disadvantage, Congress also created a 20% small business deduction.”

The article quotes Brabant’s recent testimony before the U.S. Senate Finance Committee: “The creation of the 20% small business deduction has been crucial to the survival of small business owners. Since its passage, the small business economy has endured a plethora of issues including a pandemic that closed many businesses for long periods, record inflation, and a historically tight labor market. This deduction empowered small business owners and allowed them to not only survive these difficult times but to thrive.”

Read the article here: Trump-era income tax deduction set to expire at end of 2025 could affect West Virginia small businesses

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