Enchantment State News

NFIB State Director Jason Espinoza recently appeared on KKOB’s TJ Trout Show to discuss the latest Small Business Optimism Index. The index indicates that inflation remains a significant challenge for small businesses. During the interview, Espinoza highlighted the uncertainty faced by small business owners, which is worsened by the possibility of a tax increase in 2025.

Espinoza emphasized the need for lawmakers in Santa Fe to avoid imposing additional mandates that could raise costs for small businesses. He stated, “One of the things when we talk about small business in Santa Fe, it’s about building certainty. When we see inflation and cost of living increase, we don’t want any additional mandates on business in New Mexico.”

He also pointed out past proposals such as increasing the minimum wage and implementing paid family and medical leave, which he believes add to business costs and uncertainty. Espinoza stressed the importance of making the 20% Small Business Deduction permanent to mitigate potential tax increases.

Espinoza explained, “When we look at inflation, finding qualified workers and how hard that is, even on the national level, with the pending in 2025 the loss of the 20% Small Business Deduction, I mean that’s potentially a 20% tax increase on small business owners. So a lot of uncertainty across the board.”