NFIB President Brad Close is calling on Congress to pass the Main Street Tax Certainty Act in order to make the 20% Small Business Deduction permanent. In an editorial published in The Wall Street Journal, Close highlights 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.
Close emphasizes that the Small Business Deduction has been a crucial tool for small businesses, with about nine in 10 of them utilizing it to save on qualified business income. He points out that this deduction has enabled small businesses 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 stresses the importance of making the Small Business Deduction permanent. He notes 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 urges Congress to act swiftly and pass this bipartisan bill to support small businesses across the country.