Gem State Wire

A new survey conducted by the National Federation of Independent Business (NFIB) highlights significant support across party lines for small businesses in the United States. The poll indicates strong backing for maintaining the 20% Small Business Tax Deduction, which is set to expire at the end of this year.

According to Suzanne Budge, the NFIB State Director for Idaho, "Small business owners have used the deduction to expand their business, buy new machinery, create new jobs, and create new benefits." She emphasized the potential economic impact, noting that, "Small businesses account for 99.2% of all businesses in Idaho, employing 57% of the private-sector workforce. It’s vital for the health of the nation’s economy that it be made a permanent part of the tax code."

The poll reveals that over 80% of Americans find it important for the federal government to support small businesses, with significant agreement among Republicans, Democrats, and Independents. Support for a permanent 20% Small Business Tax Deduction is high, with 93% considering its permanence a priority for Congress. Nearly all respondents (95%) express concern over the potential expiration of the deduction.

Some key findings from the poll include the fact that 83% of respondents view federal support for small businesses as important, and 45% see it as extremely important. Both Republicans (83%), Democrats (86%), and Independents (79%) reflect this sentiment. Additionally, 62% want to keep the Small Business Tax Deduction in the tax code, while only a minority supports its expiration.

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced the deduction to level the field between small businesses and larger corporations. If Congress does not act to extend it, a significant tax increase impacting 9 out of 10 small businesses is anticipated, affecting their growth and capacity to offer competitive wages.

The NFIB, known for its advocacy on behalf of small business owners for over 80 years, continues to call for essential support from Congress. Those seeking further information can visit the NFIB website.

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