ICYMI: NFIB President Brad Close Discusses the 20% Small Business Deduction on the Bill Martinez Live | NFIB

Close explains why the 20% Small Business Deduction should be made permanent

WASHINGTON, D.C. (Sept. 17, 2024) – NFIB President Brad Close joined Bill Martinez Live to discuss the importance of making the 20% Small Business Deduction permanent. Close explains how the 20% Small Business Deduction empowers middle class small business owners to grow their businesses, hire employees and raise wages, and give back to their communities.

Listen to Close’s interview here: https://www.youtube.com/watch?v=qP9EVP654pY

“The last few years [small business owners] have been dealing with very high inflation, high costs for all their goods, and the struggling economy coming out of COVID. So, really this provision – the 20% Small Business Deduction – has really empowered them to power through this and helped them get through the last few years of a really tough economy. At the heart of it, it’s allowing small business owners to keep more of their hard-earned money and keep it in the business and do good things with it.

“There are about 26 million small business owners and sole proprietors who are benefiting from this provision right now. They exist already. They are out there working and creating economic growth and jobs. So, let’s not forget about them. It’s nice to talk about future business owners, but there are an awful lot of them that are counting on [this provision of the] Tax Cuts and Jobs Act to be renewed…and made permanent.

“It’s the small businesses that sponsor your local band concert, or the football games, the little league, the July 4^th parade. It’s not the big guys…it’s the small businesses in communities all across America that are such a big part of what goes on in that community. Not just in creating jobs, in helping people get their start, but also in contributing to and being a key member of those communities.”

NFIB recently released two reports detailing the benefits of extending the 20% Small Business Deduction. The 20% Small Business Deduction, which was created as a part of the 2017 Tax Cuts and Jobs Act to level the playing field between small businesses and larger corporations, is set to expire at the end of 2025. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and avoid a massive tax hike on over 30 million small businesses nationwide.

Learn more at www.SmallBusinessDeduction.com.