The Main Street Tax Certainty Act is being called for by NFIB President Brad Close. In an editorial published in The Wall Street Journal, Close emphasizes the importance of passing this act to make the 20% Small Business Deduction permanent. He highlights how the 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 points 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. However, uncertainty surrounding the future of this deduction can hinder small businesses’ ability to invest, expand, and help their communities prosper.
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. NFIB has identified this as its top priority for 2024 and has already introduced a bill that would achieve this goal in both the U.S. Senate and House of Representatives. Close urges Congress to act swiftly and pass this bipartisan bill to support small businesses across the country.
Small business owners have been advocating for years for permanent tax relief through a dedicated tax exemption or reduction for their sector
