By NFIB,
today, wall street journal We published an editorial by NFIB Chairman Brad Close discussing the importance of the 20% small business deduction for Main Street businesses nationwide. Mr. Close urges Congress to take action and pass the bill. Main Street Tax Security Act To ensure small businesses can grow and thrive.
When closed it writes:
“This deduction, which is used by approximately 9 out of 10 small businesses, allows them to deduct 20% of their qualifying business income. This is the largest tax reduction for small businesses in history, and it is the largest tax reduction for small businesses in history. Helps level the playing field. Those savings have helped small businesses create jobs, raise wages and grow at a critical time for the U.S. economy.
“Small businesses don't need to go through uncertainty every few years, worrying whether Congress will protect their relief. They need the confidence to continue investing, expanding, and improving their communities. I am.
“The best way to give them confidence is to make the small business deduction permanent. A bipartisan bill to make that happen, the Main Street Tax Certainty Act, has already been introduced. Congress should pass it immediately. Should.”
The NFIB recently released its “Top 10 Policy Priorities for 2024,” which includes making the small business deduction permanent as a top priority. The Main Street Tax Certainty Act, which would make the 20% small business deduction permanent, was introduced in the U.S. Senate by Sen. Steve Daines (R-MT) and in the U.S. House by Reps. Lloyd Smucker (R-PA) and Henry Cuellar. It has been submitted. (D-TX).
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