In a recent editorial published in The Wall Street Journal, NFIB President Brad Close called on Congress to pass the Main Street Tax Certainty Act in order to make the 20% Small Business Deduction permanent. Close emphasized how the deduction has provided significant tax relief to small businesses across the country, allowing them to compete with larger corporations and reinvest in their growth.
Small businesses have relied heavily on this deduction, with about nine in 10 of them utilizing it to save on qualified business income. Close highlighted the importance of this tool for small businesses, noting that it has enabled them to create jobs, increase wages, and contribute to the overall health of the U.S. economy.
In order to provide small businesses with the stability and confidence they need to continue thriving, Close stressed the importance of making the Small Business Deduction permanent. He noted that uncertainty surrounding the future of this deduction can hinder small businesses’ ability to invest, expand, and help their communities prosper.
NFIB has identified making the Small Business Deduction permanent as its top priority for 2024. The Main Street Tax Certainty Act, which would achieve this goal, has already been introduced in both the U.S. Senate and House of Representatives. Close urged Congress to act swiftly and pass this bipartisan bill to support small businesses across the country.
