The National Federation of Independent Business (NFIB) has released new radio and video ads in Florida as part of its ongoing efforts to urge Congress to pass the Main Street Tax Certainty Act. This legislation aims to make the 20% Small Business Deduction permanent, preventing a significant tax increase on small businesses.
“Florida’s small businesses simply cannot afford a 20% tax increase, and we applaud Senator Rick Scott for supporting Main Street and co-sponsoring the Main Street Tax Certainty Act,” said Bill Herrle, NFIB Florida Executive Director. “Small business owners throughout the state are already managing several economic difficulties and if Congress doesn’t act, this tax hike will be devastating for their businesses.”
NFIB President Brad Close also emphasized the critical role of small businesses in the economy. “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 stated.
The 20% Small Business Deduction was introduced as part of the 2017 tax law to provide smaller enterprises with a level playing field against larger corporations. It has enabled small business owners to navigate recent economic challenges but is set to expire at the end of 2025. The Main Street Tax Certainty Act seeks to make this deduction permanent, thereby averting what could be a substantial financial burden on many American small businesses.