ICYMI: NFIB President Brad Close Discusses the 20% Small Business Deduction on the Lars Larson Radio Show | NFIB

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

WASHINGTON, D.C. (Sept. 17, 2024) – NFIB President Brad Close joined The Lars Larson Show to discuss the importance of the 20% Small Business Deduction for Main Street businesses. Close explains how the 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://youtu.be/qQbT-8VnY2w?si=s3lw8aHjJks_vifr

“When you look across communities in America, it’s your local small businesses that play such a crucial role in the economy of every single community. This provision simply allows your local small businesses to keep a little more of their hard-earned money in the business so they can create jobs, raise wages, buy equipment, and also support the local community.

“We’re not talking massive chunks of change that they’re allowed to keep. For many small businesses, this provision may result in them being able to keep three, four, five, six, seven thousand dollars more in their business…but to them, it’s a lot of money. And it enables them to do really good things.

“The small businesses that exist right now employ tens of millions of Americans, and they’re the ones that are facing a massive tax hike in a year and a half. That’s what we want people to focus on and remember how important this provision is.”

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.