WASHINGTON, DC (December 18, 2023) – Holly Wade, Executive Director, NFIB Research Center attended CNBC's “Small Business Playbook” event last week and participated in a panel discussion titled “Main Street Outlook: 2024.” Wade spoke with LinkedIn Senior Economist Cory Kantenga about the small business economy and the challenges facing small businesses heading into the new year.
Read excerpt of conversation Under and clock Click here for the full interview.
“These inflationary pressures still create many headwinds and challenges for small business owners in absorbing cost increases. Whether compensation needs to be increased to be competitive in attracting applicants.”
“Changes in the way consumers purchase goods and services have enabled many more small business owners to take advantage of online capabilities than before the coronavirus. We believe that many are moving more online, but even existing businesses have certainly adjusted their ability to operate their businesses over the past few years.”
“NFIB’s top priority is to ensure the permanence of the 20% small business deduction, which is extremely helpful in allowing small business owners to retain profits that they specifically use to reinvest and grow their businesses. We've seen price pressure impact small business owners' ability to secure capital to reinvest in their businesses…and we don't want to see that. [additional costs from] The federal government's influence on small businesses in the form of the tax system is greater than ever before. Therefore, making the 20% small business deduction permanent would go a long way in helping small businesses retain more profits for reinvestment in their companies. ”