These reports illustrate what will happen to the small business economy whether or not Congress makes the 20% small business deduction permanent.
What does it mean: A new one Economic impact toErnst & Young (EY) Analysis found that 1.2 million jobs would be created annually during the first ten years of the 20% small business tax credit and GDP would increase by $750 billion in the small business sector.
Our opinion: Stopping massive tax increases is critical to the future of small businesses, and Congress must make the 20% small business tax deduction permanent.
Take action:Take action this week to stop massive tax increases
Let’s amplify the voice of small businesses
Small business owners will head to Capitol Hill next week with key data and findings from two new reports to urge members of Congress to stop the massive tax hike and make the 20% small business deduction permanent.
Reinforce their efforts by flooding Congress with emails Sharing how paying more taxes impacts your business.
Easily customize our draft message and automatically send it to legislators based on their home or business address through the NFIB email system – be sure to use both your home and business addresses if they are in different legislative districts to send one email to everyone who represents you.
NFIB published Two new reports on the 20% small business tax credit, which is set to expire at the end of next year. The reports illustrate what will happen to the small business economy if Congress fails to stop the massive tax increase.
Ernst & Young’s (EY) economic impact analysis, published in conjunction with the NFIB, concluded that making the deduction permanent would create 1.2 million new jobs each year for the first ten years and 2.4 million annually each year thereafter. It would also result in a $750 billion increase in GDP in the small business sector over the first ten years and a $150 billion increase annually thereafter. The loss of the 20% small business deduction would eliminate these benefits to small businesses and the economy.
The NFIB tax survey found that 59% of small business owners reported they would be negatively affected if the 20% small business deduction expired.
The complete Ernst & Young (EY) Economic impact The analysis can be found here.
The full NFIB 2024 fiscal survey can be found here here.
Take action! Join small business owners across the country in calling on Congress to stop the massive tax increase and make the 20% small business deduction permanent.