Grand Canyon Times

The National Federation of Independent Business (NFIB) has launched radio and video ads in Arizona, advocating for Congressional action to prevent a significant tax increase on small businesses. The NFIB is pressing for the passage of the Main Street Tax Certainty Act, which aims to make the 20% Small Business Deduction permanent.

NFIB President Brad Close expressed his concerns, stating, "Small businesses are the foundation of our economy, yet more than 30 million of them are about to face a massive tax hike that would hurt their ability to create jobs and give back to their communities." He emphasized the urgency for Congress to pass the act to provide a fair competitive environment for small enterprises.

Chad Henrich, NFIB State Director, highlighted the potential adverse effects of the tax increase, saying, "Arizona small business owners can’t afford this massive tax hike. The 20% Small Business Deduction has allowed small businesses to grow, raise wages, and boost employees’ benefits. This is the most significant part of the 2017 tax law and losing it would impact every small business. Congress must act to make it permanent."

The 20% Small Business Deduction was introduced as part of the 2017 tax law to create parity between small businesses and large corporations. It has been a crucial tool for small business owners to navigate recent economic challenges but is slated to expire at the end of 2025. Enacting the Main Street Tax Certainty Act would avert a substantial tax increase affecting many of America's small businesses.