Evergreen Reporter

A new poll by the National Federation of Independent Business (NFIB) reveals substantial bipartisan support for maintaining the 20% Small Business Tax Deduction, a key provision in the tax code. The deduction is set to expire at the end of 2025, prompting concerns among small business advocates who highlight its importance for economic growth.

Patrick Connor, NFIB's Washington State Director, noted the critical role of the deduction. "Small businesses are 99.5% of all businesses in Washington state and employ 1.4 million people, so the importance of preventing the Small Business Deduction from expiring at the end of the year cannot be emphasized enough," he said. Connor stressed that the deduction allows small business owners to create new jobs, offer new benefits, and expand their businesses.

The survey results showed that over 80% of Americans think federal government support for small businesses is crucial. This includes a strong bipartisan consensus with 93% agreeing that making the deduction permanent should be a legislative priority. Additionally, nearly all respondents expressed some concern over the potential negative impact of the deduction's expiration.

Other findings indicate 83% of respondents believe federal support for small businesses is essential. The survey showed more than two-thirds of Republicans, Democrats, and Independents agree on the importance of such support. Furthermore, 62% of respondents want the Small Business Tax Deduction to remain in the tax code. The poll also found that 77% of participants believe the deduction helps level the playing field for small businesses against larger corporations.

The deduction, part of the 2017 Tax Cuts and Jobs Act (TCJA), is considered vital for the economic stability of small enterprises. The NFIB emphasizes the repercussions of its expiration, predicting a considerable tax increase for small businesses which could hinder their growth and ability to increase employee wages.

For over 80 years, the NFIB has represented America's small business owners, advocating at both state and national levels. The organization remains unwavering in its mission to support small and independent businesses.