NFIB Vice President of Federal Government Relations, Jeff Brabant, recently appeared on “Syracuse’s Morning News with Dave Allen” on WSYR Radio in New York. The program was simulcast in both Syracuse and Albany. Brabant discussed the significance of the Small Business Deduction for local businesses and the latest actions by Congress concerning this measure.
During the interview, Brabant highlighted the potential impact if Congress does not take action this year. He stated, “[I]f Congress does nothing this year, we’re looking at about 33 million small businesses that are going to see a significant tax hike at a time when their larger corporate rivals likely are not going to see any tax hike.”
Brabant underscored the importance of maintaining the tax provision and referenced NFIB’s recent polling, which indicates strong public support for the Small Business Deduction. The deduction allows small businesses to benefit from a 20% reduction on their federal taxes. If it expires at the end of this year without Congressional intervention, these businesses could face substantial tax increases.
The 20% Small Business Deduction was introduced as part of the 2017 tax law to create a more equitable environment between small enterprises and larger corporations. Unlike reductions for large corporations made permanent under the same law, this deduction is set to expire. It has been instrumental in helping small business owners navigate economic difficulties over recent years.
For more details on NFIB’s efforts in Washington D.C. to preserve the Small Business Deduction, additional resources are available through their platform “Stop the Small Business Tax Hike.”
