The National Federation of Independent Business (NFIB) has launched new radio and video advertisements aimed at garnering support for legislation that seeks to prevent a significant tax increase on small businesses. The focus of the campaign is to push Congress to pass the Main Street Tax Certainty Act, which would cement the 20% Small Business Deduction as a permanent fixture.
NFIB released the ads in Florida, emphasizing the potential negative impact of a looming tax hike. Bill Herrle, NFIB Florida Executive Director, expressed concern on behalf of small business owners, stating: “Florida’s small businesses simply cannot afford a 20% tax increase, and we applaud Senator Rick Scott for supporting Main Street and co-sponsoring the Main Street Tax Certainty Act.” He warned that the absence of Congressional action could spell disaster for many businesses already facing economic challenges.
The organization’s President, Brad Close, highlighted the critical role small businesses play, noting: “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.”
The 20% Small Business Deduction originated in the 2017 tax law to create parity between small businesses and larger corporations. The deduction has been a tool for small business owners to navigate recent economic difficulties, but it is poised to expire at the close of 2025. The Main Street Tax Certainty Act intends to make this deduction permanent, thus preventing a major tax burden on many small businesses across the United States.
