The South Florida Sun-Sentinel published an op-ed by Zack Magin, owner of Tropic Machine Products and a member of the National Federation of Independent Business (NFIB) in Ft. Lauderdale. In his piece, Magin emphasized the significance of the Small Business Deduction for his enterprise and outlined the potential consequences if Congress does not make it permanent.
Magin wrote, "For my small business, the election’s stakes couldn’t be higher. As the owner-operator of a mom-n-pop manufacturing shop in Ft. Lauderdale, I’m looking at the possibility of a devastating tax hike, depending on who wins. My team and my ability to compete with big businesses will suffer if pro-tax-hike politicians get elected. That’s the last thing we—and Florida—need."
He further elaborated on the origins of this issue: "This crisis has been coming since 2017. That’s the year that Congress passed the Tax Cuts and Jobs Act, which included the 'Small Business Deduction.' Since then, job creators like me have been able to save 20% on our federal taxes."
Magin highlighted why this deduction is crucial for small businesses: "Because until the Small Business Deduction, tax cuts almost always benefited big businesses, leaving shops like mine in the lurch." He noted that this provision provided much-needed relief to small businesses for growth and sustainability.
"In fact," he continued, "in the 34 years that we’ve been open, this is the first time I’ve seen Main Street get major relief instead of just Wall Street."
To read his full column: [South Florida Sun-Sentinel](https://www.sun-sentinel.com/2024/08/28/coming-tax-hike-could-cripple-small-businesses-like-mine-opinion/)
Magin called for immediate legislative action: "Florida small businesses will face a massive tax increase if Congress fails to act – tell your lawmaker to pass the Main Street Tax Certainty Act NOW before the Small Business Deduction expires in 2025!"