NFIB has launched new radio and video advertisements in Florida, aiming to persuade Congress to pass the Main Street Tax Certainty Act. This act seeks to make the 20% Small Business Deduction permanent, preventing a significant tax increase on small businesses.
Bill Herrle, NFIB Florida Executive Director, stated, “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 emphasized that small business owners are already facing economic challenges and that without congressional action, the proposed tax hike could be detrimental.
NFIB President Brad Close highlighted the potential impact of the tax increase on job creation and community contributions by 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.”
The 20% Small Business Deduction was introduced as part of the 2017 tax law. It aims to provide small businesses with a level playing field against larger corporations. The deduction is set to expire at the end of 2025. The Main Street Tax Certainty Act intends to make this deduction permanent and prevent what is seen as an impending financial burden on many American small businesses.
