Sooner State News

A recent poll by the National Federation of Independent Business (NFIB) has highlighted widespread support for small businesses in the United States as well as substantial backing for maintaining the 20% Small Business Tax Deduction established under the 2017 Tax Cuts and Jobs Act (TCJA). The survey revealed that over 80% of Americans believe federal support for small businesses is crucial, with bipartisan agreement on this issue.

The poll indicates that 93% of individuals feel that making the 20% Small Business Tax Deduction permanent should be a priority for Congress. It also notes that 95% of respondents are concerned about the negative consequences if this deduction were to expire.

"This research reinforces the high stakes of this Congressional tax debate," said NFIB President Brad Close. "Americans recognize the immense value of the 20% Small Business Tax Deduction and are concerned about the devastating consequences should Congress fail to act."

Jerrod Shouse, NFIB Oklahoma State Director, added, "Oklahomans understand that small businesses are essential for our economic success. Making the 20% Small Business Tax Deduction permanent will provide the certainty our entrepreneurs need to further invest in their small businesses and our communities."

Key results from the survey show that 83% of participants consider it important for the federal government to support small businesses, with 45% rating it as extremely important. Additionally, roughly two-thirds of respondents across political affiliations view federal support as important, and 79% desire increased support for small businesses.

The support for the tax deduction comes with 62% of respondents wanting it retained in the tax code, while 77% agree that it helps level the playing field for small businesses by aligning their tax rates closer to those of larger corporations. Additionally, 91% of respondents believe that small businesses rely on the deduction, while 79% think it positively impacts the economy overall and 75% believe it benefits the local economy.

The tax deduction is scheduled to expire at the end of 2025, raising concerns about potential tax increases for nearly 90% of small businesses. Such an outcome could significantly impact their ability to grow and provide for their communities.

The poll, conducted by Seven Letter Insight and commissioned by the NFIB, included 2,000 respondents and featured an oversample of 500 small business owners. The survey, conducted from March 21 to March 25, 2025, has a margin of error of +/- 2.0%.