Sunshine Sentinel

The South Florida Sun-Sentinel recently featured an op-ed by Zack Magin, who owns Tropic Machine Products and is a member of the National Federation of Independent Business (NFIB) in Ft. Lauderdale. In his article, Magin emphasized the significance of the Small Business Deduction for his company and expressed concerns about potential changes if Congress does not act to make it permanent.

Magin explained that the upcoming elections hold significant implications for his small business. He stated, "As the owner-operator of a mom-n-pop manufacturing shop in Ft. Lauderdale, I’m looking at the possibility of a devastating tax hike, depending on who wins." He highlighted that increased taxes could hinder his team's performance and their ability to compete with larger companies.

The root of this concern dates back to 2017 when Congress enacted the Tax Cuts and Jobs Act, which introduced the Small Business Deduction. This provision allowed small business owners like Magin to save 20% on federal taxes. According to him, "Until the Small Business Deduction, tax cuts almost always benefited big businesses, leaving shops like mine in the lurch."

Magin pointed out that this deduction provided much-needed relief for small businesses for the first time in decades: "In fact, in the 34 years that we’ve been open, this is the first time I’ve seen Main Street get major relief, instead of just Wall Street."

He urged action from lawmakers to pass legislation ensuring these benefits continue beyond their scheduled expiration in 2025.

For more details on Magin's perspective, readers can access his full column on the Sun-Sentinel's website.