A recent poll by the National Federation of Independent Business (NFIB) indicates significant bipartisan support for small businesses and the continuation of the 20% Small Business Tax Deduction. The NFIB, a prominent advocacy group for small businesses, highlights the survey’s findings as crucial to the current Congressional tax debate.
NFIB President Brad Close stated, “This research reinforces the high stakes of this Congressional tax debate. Americans recognize the immense value of the 20% Small Business Tax Deduction and are concerned about the devastating consequences should Congress fail to act. NFIB strongly urges Congress to make the deduction permanent and deliver the certainty that small businesses need to continue to grow, hire, and give back to their communities.”
The survey results show that more than 80% of Americans believe federal support for small businesses is necessary, with strong agreement among Republicans, Democrats, and Independents. Additionally, 93% think making the 20% tax deduction permanent should be a Congressional priority, while 95% express concern about its potential expiration.
Key findings from the poll indicate broad popularity for the deduction, enacted under the 2017 Tax Cuts and Jobs Act (TCJA). Sixty-two percent of respondents want the deduction to remain, while 77% agree it helps small businesses by keeping their tax rates competitive with larger corporations. The deduction is set to expire at the end of 2025, potentially causing a significant tax hike for small businesses without Congressional intervention.
The NFIB has been a longstanding advocate for small businesses, promoting their interests in Washington, D.C., and state capitals nationwide. For further information and updates, visit their website at nfib.com.
