Sooner State News

The National Federation of Independent Business (NFIB) has launched a new video advertisement in Oklahoma. This move is part of NFIB's ongoing efforts to persuade Congress to prevent a significant tax increase on small businesses by passing the Main Street Tax Certainty Act, which aims to make the 20% Small Business Deduction permanent.

NFIB President Brad Close emphasized the critical role of small businesses in the economy, 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." He urged Congress to act promptly by passing the legislation.

Jerrod Shouse, NFIB State Director for Oklahoma, expressed concern over the potential impact on local business owners. "Oklahoma small business owners can’t afford this massive tax hike," he said. Shouse highlighted how the deduction has facilitated growth for job creators, enabling them to expand operations and improve employee benefits. He noted its significance as part of the 2017 tax law and stressed the need for permanence.

The 20% Small Business Deduction was introduced under the 2017 tax law with an aim to provide parity between small enterprises and larger corporations. It has been instrumental in helping small business owners navigate recent economic challenges but is scheduled to expire at the end of 2025. The Main Street Tax Certainty Act seeks to make this deduction permanent, thus preventing what could be a substantial tax increase for many American small businesses.