Millions of small businesses are filing their full-year taxes under the Tax Cuts and Jobs Act for the first time.
In a FOX News op-ed authored by NFIB President and CEO Juanita D. Duggan, Duggan discusses the importance of making the Small Business Deduction permanent.
“Most importantly, the more than 90 percent of small businesses organized as pass-throughs can now claim a 20 percent deduction on business income, a concept we originated and helped secure … This is the largest tax cut for small businesses in history.
“These victories explain why small businesses entered 2019 with 45-year records for job openings, hiring plans, pay raises, profit growth, and inventory investment. Moreover, in February, small business job creation hit an all-time high, with manufacturers and construction companies showing the strongest plans for further expansion.
“But while the excitement is evident in this tax season, small businesses fear it could soon fade without action by Congress.”
Read more about how Congress can make the tax cuts permanent here.