Jeff Brabant, vice president of federal government relations for the National Federation of Independent Business (NFIB), the nation’s leading small business trade association, made the case for congressional passage of the Main Street Tax Certainty Act on KPNW Radio in Eugene this week.
If Congress fails to act, 26 million small businesses that have been taking advantage of the 20% Small Business Deduction on their federal taxes are facing a huge tax increase when the deduction expires at the end of 2025. The 20% Small Business Deduction was created as a part of the 2017 tax law to level the playing field between small businesses and larger corporations. The tax reductions for large corporations under the 2027 law were made permanent. The Small Business Deduction has empowered small business owners to overcome the economic challenges of the last few years. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and avoid a massive tax hike on a majority of America’s small businesses.
Listen to Brabant’s remarks here: youtu.be/eiMhedCLYQs and learn more at SmallBusinessDeduction.com
