New NFIB Op-Ed in Washington Times: Congress Should Make Small Business Deduction Permanent

January 10, 2023

New NFIB Op-Ed in Washington Times: Congress Should Make Small Business Deduction Permanent

WASHINGTON, D.C. (Jan. 10, 2023) – The Washington Times has published a new op-ed, penned by NFIB Federal Government Relations Director Courtney Titus Brooks. In the op-ed, she explains why Congress should give Main Street permanent relief by taking action to make the Small Business Deduction permanent. “The Tax Cuts and Jobs Act marked its fifth anniversary over the holidays. While this law was a significant win for Main Street, the looming expiration of important tax benefits is challenging small-business owners’ ability to plan. They are increasingly worried that one of the law’s most important provisions, the ‘Small Business Deduction,’ is more than halfway to expiration, and there’s no urgency to extend it. The expiration would result in economic consequences such as lower optimism and less investment, which is why Congress should make the deduction permanent in the 118th Congress. “The Small Business Deduction — Section 199A – empowered ‘pass-throughs’ — the S corporations, LLCs, sole proprietorships and partnerships that account for the overwhelming majority of small businesses — to deduct up to 20% of their business income on their tax returns. In 2019, 21 million taxpayers claimed this tax deduction. They plowed their tax savings right back into their workers, businesses and communities. It’s a reason why small businesses helped drive the economic boom before the pandemic. “Small businesses have been calling for this certainty since the Tax Cuts and Jobs Act was signed into law. As the fifth anniversary of the enactment passes, Congress should realize it’s not too early to make the Small Business Deduction a permanent part of the tax code, and it’s not too late to give Main Street the same permanent relief that Wall Street received. Read the full op-ed in the Washington Times: https://www.washingtontimes.com/news/2023/jan/9/tax-clock-ticking-or-small-businesses/

Topics:

Economy

Taxes

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