In a recent editorial published in The Wall Street Journal, NFIB President Brad Close emphasized the importance of passing the Main Street Tax Certainty Act to make the 20% Small Business Deduction permanent. Close highlighted how this 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 pointed out that about nine in 10 small businesses utilize the Small Business Deduction to save on qualified business income. This deduction has enabled small businesses to create jobs, increase wages, and contribute to the overall health of the U.S. economy.
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.
The Main Street Tax Certainty Act has already been introduced in both the U.S. Senate and House of Representatives, and NFIB has identified it as its top priority for 2024. Close urged Congress to act swiftly and pass this bipartisan bill to support small businesses across the country.
