In an editorial published by the Wall Street Journal, NFIB President Brad Close emphasizes the significance of the 20% Small Business Deduction for small businesses across the country. Close stresses the need for Congress to pass the Main Street Tax Certainty Act to provide stability and support for small businesses to prosper and expand.
The Small Business Deduction, utilized by approximately nine out of 10 small businesses, allows for a 20% deduction of qualified business income. This tax cut, considered the largest for small businesses in history, helps to create a more level playing field in comparison to larger corporations. The savings from this deduction have enabled small businesses to create jobs, increase wages, and foster growth during a critical period for the U.S. economy.
Close advocates for the permanency of the small business deduction, asserting that small businesses require confidence in order to continue investing, expanding, and contributing to their communities. He highlights the bipartisan Main Street Tax Certainty Act as a solution to provide this much-needed assurance to small businesses, urging Congress to pass the bill promptly.
NFIB has identified making the Small Business Deduction permanent as its top policy priority for 2024. The Main Street Tax Certainty Act, which aims to make the 20% Small Business Deduction a permanent fixture, has been introduced in the U.S. Senate by Senator Steve Daines (R-MT) and in the U.S. House by Representatives Lloyd Smucker (R-PA) and Henry Cuellar (D-TX).
For further information, the full op-ed by NFIB President Brad Close can be accessed at https://www.wsj.com/articles/small-business-trump-tax-cuts-cfcaf7ec.
On Friday, North Wilkesboro Speedway will host two NASCAR series races. The Craftsman Truck Series…
UW-La Crosse has received significant donations totaling nearly $3 million from two families to expand…
Steward Health Care, a struggling hospital chain, has announced plans to sell all of its…
Spirit AeroSystems, a Wichita, Kansas-based company, has announced that they will be laying off between…
In response to a video that went viral on social media showing a street vendor…
In 2023, Brazil was announced as the host of the FIFA Women’s World Cup, defeating…