Enchantment State News

A recent poll conducted by the National Federation of Independent Business (NFIB) indicates strong bipartisan support for maintaining a 20% tax deduction for small businesses in the U.S. The NFIB, an advocacy organization for small businesses, reports that the deduction is crucial for job creation, business expansion, and overall economic health.

Jason Espinoza, the state director for NFIB in New Mexico, stated, "Small business owners have used the deduction to create new jobs, create new benefits, buy new machinery, expand their business." He further emphasized the necessity of making the deduction a permanent component of the tax code, noting, "The importance of preventing the Small Business Deduction from expiring at the end of the year cannot be emphasized enough."

The survey results show that over 80% of Americans deem it important for the federal government to support small businesses, with significant backing across political affiliations—Republicans, Democrats, and Independents alike. Additionally, 93% of respondents believe that making the tax deduction permanent should be a priority for Congress, while 95% express concern about the potential impact if the deduction were to expire.

Some key findings from the poll include the perception that federal support for small businesses is essential, with 83% of respondents highlighting its importance. Moreover, 77% agree that the deduction helps ensure fairness for small businesses in comparison to larger corporations’ tax rates.

Introduced under the 2017 Tax Cuts and Jobs Act (TCJA), the 20% Small Business Deduction is scheduled to expire at the end of 2025. Without intervention from Congress, many small businesses could face significant tax increases, affecting their ability to grow and sustain employment.

For more information and updates related to small business advocacy, individuals can visit the NFIB's website at nfib.com.